Five ways to make the loan process go faster - Diamond Funding Corporation

Five ways to make the loan process go faster

We should say that "working with the Diamond Team" is the first way! When you let Diamond help, you truly are taking advantage of some of the best technology and expertise to get a loan decision and funding on your loan quickly.

Your new Diamond mortgage can be really fast if you wish. We can email all documents for you to e-sign and return so all the paperwork can be completed in minutes. WIth this information we can get your approval, usually within 1 hour. Then we only have to wait for the appraiser and the closing attorney. Often we can complete everything from application to loan closing in under two weeks.

But here are five "other" ways you can speed up the process of getting a mortgage loan:

1. Have everything ready and in one place. Elsewhere on our website, you'll find a list of things you might need in support of your mortgage application. If you get them all together and keep them in a safe, portable place like a special pouch or folder, you can cut down on time spent gathering the basic documents. Also, you'll help cut down on your own anxiety and confusion.

2. Be honest and complete when you fill out your application. "Fudging" your employment or residence history or omitting open credit accounts you'd rather not have considered doesn't increase your chances of getting a favorable loan. The more you tell us the easier and faster the process will flow.

3. Respond promptly to requests for additional information. During processing, your loan application may need additional information. Provide it as soon as you get the request, or return the call as soon as you get the message.

4. Be prepared to explain derogatory items in your credit report. This is really part of number 2 above. If you had an illness or a divorce where you missed or made late payments, or you have other instances of late payments or delinquencies on your credit report, be prepared to explain them. Be honest, and don't be nervous! The loan processor isn't judging you, they are trying to fill in all the blanks in their paperwork.

5. Let the appraiser in! The appraisal is one of the lengthiest parts of the mortgage loan process. Studies have shown that the single biggest factor in appraisal "lag time" is the appraiser's inability to reach the homeowner to make an appointment. If you're refinancing and the appraiser calls to make an appointment, make it as soon as convenient for both of you.

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.

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