Richard's Real Estate Thoughts - Fairway Independent Mortgage Corporation NMLS #2289: Close your home purchase on time

Close your home purchase on time

Closing your home purchase on time is one of my goals as your lender. To accomplishing your on time closing, it is important that the loan application is reviewed by the lender underwriter a minimum number of times. Preferably only the initial review and the final review for closing.

To minimize the number of looks required by the lender the initial submission must be complete, including full income documentation, full asset documentation, and a complete application.

Generally the most important step to closing your purchase on time is taken before negotiating the purchase contract. The prequalification is essential to closing on time. And as part of the initial prequalification you should provide income and asset documents for your loan officer to review.

The borrower’s role in a quality initial submission is to provide complete documentation in an acceptable format as soon as requested.

A second element that can affect your on time closing, is the appraisal. Timeframes for completing the appraisals have been increasing industry wide, as well as locally in Chattanooga.

It will be important to your on time closing that the appraisal is ordered as soon as allowed by disclosure timelines. Typically the appraisal cannot be ordered until the borrower has acknowledged the initial disclosures.

Once the contract is signed and you, the borrower, have acknowledged the initial disclosures, obtaining home insurance is the next step to closing your purchase on time. Many home buyers additionally order a home inspection. And the inspection should be done quickly as well.

Your loan officer should let you know when the loan file is submitted to the lender for initial review, and when to expect the initial findings. When the initial findings are received, you should act quickly to send any additional required documentation. It is very important to respond quickly, as each day taken could add a day to the closing.

Loans can still close on time despite new disclosure requirements. With the new disclosure requirements and with potential appraisal delays, it is critical that home buyers and their loan officers not add to the time needed with slow responses to documentation requests and weak initial submissions.

Remember:

  • Prequalification before negotiating the contract

  • Provide complete income and asset documentation

  • Order the appraisal quickly

  • Order the home insurance and home inspection (if needed)

  • Respond quickly to documentation requests

  • Stay on top of the loan status

  • Demand frequent communication with your loan officer


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Richard Byron Smith
Mortgage Loan Officer
NMLS# 184479 TN# 104002 Georgia Residential Mortgage Licensee, GA#28928
Conventional, FHA, FHA 203k, HUD $100 down purchases, VA,
Rural Development (USDA), THDA and Jumbo Loans

Cell phone: 423-280-0345 Email:  Richard.Smith@FairwayMC.com
Branch Contact: Fairway Independent Mortgage Corporation,
2115 Stein Dr, Suite 215, Chattanooga, TN  37421
Office Phone: 423-280-0345  Office Email: richard.smith@fairwaymc.com

Mortgage Loan Officer helping home buyers in Tennessee and Georgia for over 20 years.

Fairway Independent Morgage Corporation
NMLS #2289
Chattanooga, TN

Equal Housing LenderNMLS

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This blog represents the opinions of Richard Smith. The posts and comments written on the blog do not represent the opinions or positions of Fairway Independent Mortgage Corporation.

 Copyright ©2018 Fairway Independent Mortgage Corporation. NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-877-699-0353. Georgia Residential Mortgage Licensee #28928. Fairway is not affiliated with any government agencies. These materials are not from VA, HUD or FHA, and were not approved by VA, HUD or FHA, or any other government agency. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply.

 

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Comment balloon 1 commentRichard Byron Smith, NMLS #184479 • September 26 2016 10:42AM

Comments

Thanks for posting! Great reminders for agents and home buyers!

Posted by Sarah Marrinan, CallSarahFirst.com (KW/Call Sarah First Inc) almost 2 years ago

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