Heres a short story:
Nancy works at the financial district in San Francisco. About a month ago, she was spending most of her time in the ‘Dream-House Hunt’. A perfect house, with lower interest rates and a good mortgage loan was what she was looking for.
However, the mission was ‘partially’ accomplished when she found a perfect house, well-furnished and closer to her workplace. Next, she submitted the mortgage loan application and then waited….waited…& waited. The next week, interest rates marked a spike. Another week – another peak. Now she is maxed out, another point would mean a significant increase in the monthly payment. In the end, she finds out the interest rate has gone up again.
Not only Nancy, there are lot more out there who have the same story. Why does this loan application take so long? How can we speed it up?
First of all, start to shop for a home loan instead of a home first. Getting approved for a mortgage loan before you find a home will accomplish two things: you’ll be locked on to an interest rate, which will save you from this ‘waiting-game’ mentioned above. This is also termed as ‘lock n shop’, only a small number of lenders, such as Choicefinance, Lendingtree and MFG Mortgage Rates, provide this option. Besides this, if the sellers sees that you are pre-approved, they’ll take you as a ‘serious’ buyer.
Next, make things easier for the mortgage company by providing them all the information that you know they’ll need – organized and easy-to-read. This will save them repeated calls, asking you for paperwork again and again.
Lastly, try to bug your mortgage lender to check for ‘order-status’. Mortgage lenders have thousands of applications to process, and it’s really important to make sure that yours doesn’t sit on the bottom of the stack.
Here my question is: what other ways can be used to speed up mortgage loan applications? If you have a case of your own, feel free to share it.
Tags: housing market, mortgage, Mortgage Borrowers, mortgage lenders, Mortgage Loan Applications
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