How to
make your home loan go fast.
Tips and
Tricks to get your mortgage closed.
Lender
asks questions about your income type and assets
Lender gives you a
list of homework Past thirty days Pay Stubs, Past two years IRS Tax Returns, Past
two years w-2 forms and 1099, Bank statements all pages past sixty days, copy
of driver’s license, and more. Get all the documents in readable pdf formats or
if that is impossible print them all. Provide the stack in the first meeting or
email it in batches, or we built a website for your deal to upload from your
phone or computer. Don’t provide half and think it’s good enough because you
want privacy.
Accept eConsent authorization upfront
Mortgages
today are digital. We email to you Monday to Friday and your job is to open and
read the information. One of the first steps is to accept econsent. If you are
not email available, it will cause delays as the United States Post office will
carry every piece of paper back and forth many times during the process and
this means delays– The mortgage industry is one of the most heavily regulated
industries out there. This initial authorization gets the lender rolling.
Sign initial loan disclosures the day the LE comes in the in box and have spouse or anyone on the loan do the same–
the process can’t
move forward until disclosures are reviewed and acknowledged. Intent to proceed
is an important step that must be e-signed. You as Borrower need to read the
eighty or more pages in the Loan Estimate. About eight of those forms need to
be signed and returned to the lender. Credit authorization, SSA-89 forms,
4506c, and any others your bank or lender notes are vital start up signatures.
Schedule and pay for your home inspection on the first day. Assuming the inspector can get it back to you in three days you know if you want that house, or if there are many things that need repair. After day three you pay for and order the appraisal.
Wait
to buy stuff– DO NOT go buy new furniture, washer and
dryers, a new car, or put ANYTHING on credit. Do not go to Ashley’s Furniture
and let them tell you it is no payment for a year, like it’s free money. A new
purchase on credit can throw your debt-to-income ratio out of approval, or make
your credit score go down, which might deny you from getting a loan. FICO score
changes daily. Some lenders pull the credit at closing to verify your truth.
Cash
Deposit in bank accounts – Cash is hard to source,
and your lender needs to be able to document where the funds came from.
Sourcing
Large Deposits in bank accounts that are not pay roll checks – Everything
must be sourced, tracked, trailed, and proven to be yours in the past months.
It’s the Patriot Act, don’t blame your lender there are more laws about mortgage
than you need to memorize.
Expired
Drivers Licenses and ID’s – Plan ahead and check
your expiration dates. The DMV is not speedy during Covid pandemic and getting
a new passport by mail, oh my what a big delay.
Don’t
quit your job or get fired. Need
I say more? If you hate your job wait to send out resumes a month after you
closed and moved in.
Open your email daily and respond – Be clear and exact in your explanations. Remember the truth is best with your priest and lender. It’s okay to ask a question many times. We are here to explain and help until every detail is clear to you as the Borrower.
C
G Caroline Gerardo Barbeau NMLS 324982
(949)
784-9699
