How to Close Your Mortgage Loan with Least Resistance !
First and foremost, disclose ANY/ALL items to your mortgage professional that could possibly cause your transaction to fail i.e.: true occupancy status, true marital status, ALL your obligations NOT reported on your credit report, etc. UW’s are extremely anal these days for fear of not being able to sell your loan to an investor for full price. Any omissions can and most likely will cause your loan to be denied.
– Brace yourself as your professional will have more follow up questions than he/she did in the past when processing your loan. This relates directly the more intensive underwriting processes we’re currently dealing with. Though it’s no fun whatsoever to ask question after question, it goes with the territory these days. Patience is key.
– ask your professional about their ‘true turn times’ and how much it costs to extend a lock, if necessary. Current turn times are roughly double what they were before rates dropped, and lock extensions can be expensive.
– It’s important to be prepared? Having a complete file has never been more important than now, this means we’ll need all these items before your loan is sent for processing: 2 months of your income/asset statements, proof of insurance, current mortgage statement and note, completed application and disclosures (including good faith), appraisal and title report (we order the last 2). Keep in mind these are the basics, there could be more items depending on your circumstance.
When these guidelines are followed, your chances of closing in a timely manner will substantially increase.