Can borrowers expedite a home loan closing?
Absolutely! Begin the process now. Time is often of the essence when purchasing a home, or locking in a good rate when refinancing. Most borrowers want the process to go as smoothly and swiftly as possible. You can help us expedite closing on a home loan by following these suggestions:
- Provide all necessary paperwork. When applying for a home loan you may be asked to provide additional items needed to complete the loan process. Among the items you may be asked to provide are your W-2 Forms and pay stubs, copies of your tax returns, bank statements (include the entire statement), and a sales contract or previous title policy. Gathering these items quickly will expedite the process.
- Sign and return your loan application package immediately. Bear in mind that we have locked the interest rate on your loan for 30 days. In the meantime, there’s much that must be done on your behalf. The sooner we get the documents back, the sooner we can process your loan. And, we can come directly to your home or office, to complete any necessary paperwork.
- Be available by phone and email during the process. We may have questions for you that can be answered quickly with one simple call and may need to send or receive additional documents that require immediate attention.
- Promptly schedule your appraisal or home inspection. Be flexible when arranging the appointment. Also be ready to provide access to your property. If you are refinancing it would be helpful if you had a copy of the blueprints or survey to verify measurements and lot size. A list of improvements made to the property, a list of recent sales of similar properties in the immediate neighborhood would also help expedite matters. Also, be sure to point out any amenities (such as sprinkler systems, security features, or built-in vacuums) that might be overlooked by the appraiser.
- Read all paperwork sent to you thoroughly. That way, if you have any questions, you can have them answered by your loan officer before you go to closing. And, you are not expected to know everything about closing a loan – that’s our job – no question is too trivial, so ask away.