Loading ...by: Brenda Puckett
Here are are six easy steps you can take to speed up your mortgage approval: 1. Check your credit report well in advance of the time when you will make your loan application if at all possible. There is a link to the government mandated website which the three major credit agencies are required to maintain in order to provide you with a free copy of your credit reports.2. Find out from your loan officer ahead of time exactly which documents will be required and make sure you have them all ready and stored together in one place. Keep everything in one folder to cut down on the time you spend searching around for things your lender may need. This is a great way to avoid anxiety and confusion and speed up your loan application appointment.
3. Be absolutely and completely honest. Answer the questions on the mortgage application completely . Failing to tell the complete truth about your employment or residence history, or omitting credit accounts you don’t wish to have considered does not raise your chances for getting your mortgage approved. In every case, these things will be double checked. Omitting information or fudging will make the process harder, and will cause processing delays.
4. Respond immediately to any requests from the processor for additional information. During the processing phase, the lender considering your application will very often require additional information or maybe clarification. Provide it as soon as you get the request, or return the call as soon as you get the message. Again, be truthful and let the processor know right away if you cannot provide the items requested.
5. Be ready to give an explanation for any derogatory items on your credit report. This step is an extension of numbers 1 and 2 above. If you had an illness or went through a divorce or experienced a death in the family causing you miss or be late on any payments, or you have other causes of late payments or delinquencies on your credit report, have an explanation ready. Be honest, and do not be nervous! The loan processor is not there to jude you,the processor is trying to get the most complete picture possible in order to give your application the best chances for approval.
6. Do not ignore the appraiser’s phone calls. Completing the appraisal is most often the lengthiest part of the mortgage loan process. Time after time, the top delay is the appraiser’s inability to reach the homeowner to set an appointment to get into the home. If you’re refinancing and the appraiser calls to make an appointment, arrange the time as quickly as it is convenient for both of you. The appraiser does not plan to buy your house. He or she will appraise the house as if it ws already clean and tidy and in reasonable repair, even if you have some dirty laundry lying around or dishes in the sink. Cleaning up does not increase your home’s value! Giving the appraiser access as soon as possible will make your loan process move faster, though.
You can get a government ordered free copy of your credit report at http://www.annualcreditreport.com
 About the Author
Free information about FHA Loans and general mortgage advice are available at http://24hrmortgagereports.com and http://georgialoanadvice.om
Brenda Puckett is a 21 year veteran of the mortgage/real estate industries. She helps first time homebuyers with credit problems use an FHA loan to get into a home with little money down and low fixed rates.
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