Working with Marimark Mortgage is one of the first steps!
We offer some of the latest technology available to simplify and accelerate the loan process. In addition to our technology, the knowledge and experience of our loan officers helps to eliminate delays that are often encountered when dealing with less experienced loan counselors. As a result of our experience, we know the common pitfalls and delays and can eliminate problems before they occur.
Some ways that you can facilitate the process of getting a mortgage loan are:
1. Have everything ready and in one place.
Before you begin the application process, gather together some basic documents, such as employment and income documentation for the last 2 years, bank statements, current mortgage statements if refinancing, etc. You will find a checklist of frequently requested items on our website under the loan checklist tab. This checklist is comprehensive and includes docuuments for all situations, many of which will not apply. Before you spend time gathering all of these documents, give us a call and we’ll specify which ones apply to your situation.
2. Be honest and complete when you fill out your application.
It won’t do any good to omit or not be completely honest when filling out your application. The application will later be supported by other documents which must agree to what you fill out. It’s better to let your loan counselor know about things you think may be a problem and deal with them up front, rather than omit them.
3. Respond promptly to requests for additional information.
While we try to obtain most of the documents we think we will need upfront, occasionally a lender will request additional information. The quicker we get those documents the faster the process will go, so please be responsive and available for additional requests.
4. Be prepared to explain derogatory items in your credit report.
Lenders will often ask for explanations for derogatory items in your credit report. Again, just explain them to the best of your ability. Most people don’t have perfect credit and sometimes a reasonable explanation mitigates the effect of the derogatory item.
5. Let the appraiser in!
One of the biggest reasons for delays in the loan process relate to the appraisal. The sooner we can get the appraiser to the home, the sooner we can get the completed report. We like to schedule the appraisal immediately after completing the application to avoid such delays. So, please be cooperative in scheduling the appraisal and being available to let them in on the scheduled date.
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.