Five ways to make the loan process go faster

Five ways to make the loan process go faster

We should say that "working with us" is the first way! When you let us help you find the loan that's right for you, you truly are taking advantage of some of the area's best technology and expertise to get you a loan decision and funding on your loan quickly.

But here are five "other" ways you can speed up the process of getting a mortgage loan:

1. Have everything ready and in one place. Elsewhere on our website, you'll find a list of things you might need in support of your mortgage application. If you get them all together and keep them in a safe, portable place like a special pouch or folder, you can cut down on time spent rooting around for things we may need. Also, you'll help cut down on your own anxiety and confusion.

2. Be honest and complete when you fill out your application. "Fudging" your employment or residence history or omitting open credit accounts you'd rather not have considered doesn't increase your chances of getting a favorable loan. In 100 percent of cases, it makes it harder, and take longer.

3. Respond promptly to requests for additional information. During processing, we or the lender considering your loan may need additional information. Provide it as soon as you get the request, or return the call as soon as you get the message.

4. Be prepared to explain derogatory items in your credit report. This is really part of number 2 above. If you had an illness or a divorce where you missed or made late payments, or you have other instances of late payments or delinquencies on your credit report, be prepared to explain them. Be honest, and don't be nervous! The loan processor isn't judging you, they're trying to fill in all the blanks in their paperwork.

5. Let the appraiser in! The appraisal is one of the lengthiest parts of the mortgage loan process. Studies have shown that the single biggest factor in appraisal "lag time" is the appraiser's inability to reach the homeowner to make an appointment. If you're refinancing and the appraiser calls to make an appointment, make it as soon as convenient for both of you.

And remember that the appraiser doesn't want to buy your house. He or she will say what the house is worth clean and tidy and in reasonable repair, even if you have some dirty laundry on the laundry room floor or dirty dishes in the sink. Cleaning doesn't get you a higher appraisal! Letting the appraiser in as soon as possible gets you a loan faster, though.

HomeLoans Inc. and HLI Mortgage are family owned businesses headquartered in Canyon Lake California. We also have offices in Rancho Bernardo, Perris California and Northern Michigan. While we offer a vast number of mortgage products to meet the unique needs of our clients, we take pride in giving each client personal service. We recognize the fact that many of our clients are new to the mortgage process and may need additional help getting from start to finish. That is why everyone on the HLI team is committed to being available to our clients. For more information of our the various products we have and services we offer simply click on the "Products & Services" tab. If you would like to speak directly to the President of HLI simply call him at: 1 951 712 5070.

Hal Ballew, Broker
HomeLoans Inc. is proud to recommend HomePros Real Estate and Southern California Escrow Inc. For more information on these fine companies contact me.