1. Have everything ready and in one place. Be sure to have all support documentation for your mortgage application in one place. This will greatly reduce any potential anxiety and confusion. If you keep them in a folder, you can reduce the time you spend trying to locate paperwork we may need.
2. Be honest and complete when you fill out your application. Misrepresenting your employment, residence history or financial information is a big mistake. In addition, omitting open credit accounts you’d rather not have considered isn’t a good idea either. What will happen if you are less than honest and complete on your application? For one, it will take longer. But more important than this, you may be turned down for the loan.
3. Respond promptly to requests for additional information. During your loan processing, the more information may be required by the lender. If you provide the needed information as soon as you get the request, you’ll save yourself a lot of time in the long term.
4. Be prepared to explain derogatory items in your credit report. Occasionally, you will have a late payment or a delinquency on your credit report. Be prepared to explain them. If you suffered from an illness or went through a divorce and these life events caused you to miss a payment, or make a late payment, make sure you explain that.
5. Work efficiently with the Appraiser. Many times, the Appraiser cannot reach the homeowner to make an appointment. This can cause a long delay, as the appraisal takes time to complete.