How To Simplify The Mortgage Process to Close on Time

How To Simplify The Mortgage Process To Close on Time

Gustan Cho Associates are mortgage brokers licensed in 48 states

This guide covers how to simplify the mortgage process to close on time. We will discuss how to simplify the mortgage process to avoid stress and close your home loan on time. There are ways how to simplify the mortgage process. The mortgage process does not have to be stressful if you have an experienced loan officer and a great support team. The first step in how to simplify the mortgage process is to educate yourself about the mortgage process. The blogs at Gustan Cho Associates have thousands of easy-to-read articles on every topic of the mortgage process. The mortgage process is a process that takes time. It has multiple stages. It takes an average of 30 days to close a home mortgage. In the following paragraphs, we will cover how to simplify  the mortgage process to close on time.

How To Simplify The Mortgage Process With Proper Preparation Before Submission

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Proper preparation before submitting to a mortgage underwriter is key to having a smooth mortgage process. The loan officer needs to work closely with the mortgage processor. The mortgage processor must ensure all required documents are complete with no missing pages before submitting them to underwriting.

The key is to get conditional loan approval with as few conditions as possible. An experienced veteran mortgage processor will not submit a borrower’s file to underwriting if the package is incomplete.

Most processors would kick the file back to the loan officer if the loan officer did not turn in a neat, complete file with all the proper documentation. This article will discuss simplifying the mortgage process and closing on time.

How To Simplify The Mortgage Process and Avoid Stress

The key to How To Simplify The Mortgage Process is to educate yourself on the overall steps involved in the home loan process, from taking the loan application to the clear to close. 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 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.

Taking time and ensuring you do things right the first go-around rather than things half-assed is best. All documents with missing pages or that are not legible will get kicked back, and the outcome is the mortgage process needs to restart again. There are ways on how to simplify the mortgage process to avoid stress and close on time.

How To Simplify The Mortgage Process By Documenting Any Paperwork During The Home Buying Process

Borrowers need to realize that cash is non-existent in the mortgage world. All funds need to be documented before and during the mortgage process. Make sure whatever you spend or deposit in your bank account is documented. This holds true of the earnest money check. Dale Elenteny, a senior loan officer at Gustan Cho Associates, explains on how to simplify the mortgage process to close on time:

The earnest money check should be paid with a bank check to 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 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 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. 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 must be on the same page and 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 before issuing a clear to close, so ensure 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 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 get in touch with us at Gustan Cho Associates at 800-900-8569 or text us for a faster response. Or email us at gcho@gustancho.com. The team at Gustan Cho Associates is available seven days a week, evenings, weekends, and holidays. Gustan Cho Associates Mortgage Group has no lender overlays on government and conventional loans.

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