How To Simplify The Mortgage Process And Close On Time
Key On How To Simplify The Mortgage Process And Avoid Stress
- The home mortgage process cannot be done overnight
- It normally takes an average of 30 days to close on a mortgage
- Everyone’s goal is to expedite the home mortgage process and close on the home loan as soon as possible
- One of the biggest mistakes to avoid is not taking the time that all documents required to submit to the lender are not complete
- It is best to take time and make sure you do things right the first go-around than things half-assed
All documents with missing pages and/or that are not legible will get kicked back and the outcome is the mortgage process needs to restart all over again.
How To Simplify The Mortgage Process By Documenting Any Paperwork During The Home Buying Process
Borrowers need to realize that cash money is non-existent in the mortgage world.
- All funds need to be documented prior to and during the mortgage process
- Make sure whatever you spend and/or deposit in your bank account is documented
- This holds true of the earnest money check
- The earnest money check should be paid with a bank check so it can get sourced
- Make sure you do not tap into your cash to close
- Do not bounce any bank checks
- Many lenders will automatically deny a mortgage loan if there are any bank overdrafts in the past 12 months
- Do not apply for any credit
- Credit inquiries need to be explained which may cause delays in the mortgage process
- Do not purchase any furniture and/or other high-ticket merchandise
- Do not buy a new car or trade-in your car
- Do not co-sign for anyone until you have closed on your home mortgage
Do not quit your job and/or change jobs during the mortgage process. Do not give notice that you will be retiring to your employer.
The Home Purchase And Mortgage Team
There are multiple professionals with different areas of expertise home buyers need to work with during the home buying and mortgage process. Everyone needs to be on the same page. Every one of these professionals play an important role during the home buying process. You ever hear the saying one rotten apple will destroy a team? This holds true here. Every professional need to be on the same page and be cooperative for the home purchase to close on time. All professionals need to work and communicate well with each other. Always keep the closing date in mind when working. If everyone is a team player and can work and communicate well with each other, there is no reason why a home purchase cannot close in 30 days or less. Make sure you make all of your monthly debt payments on time. Scrutinize your bank statements and make sure there are no bank overdrafts. Lenders will ask for updated bank statements. The mortgage underwriter will pull credit prior to issuing a clear to close so make sure you have not incurred any new debt. Do not max out your credit cards and other revolving accounts because it may affect your debt to income ratios.
For more information about this topic and/or other mortgage-related questions or to qualify for a mortgage with a five-star national mortgage company licensed in multiple states with no lender overlays, please contact us at Gustan Cho Associates at 262-716-8151 or text us for a faster response. Or email us at email@example.com. The team at GCA Mortgage Group is available 7 days a week, evenings, weekends, and holidays. Gustan Cho Associates Mortgage Group have no lender overlays on government and conventional loans.