Tips for Borrowing
If you want to close your loan as soon as possible, here are a few tips so you don’t cause any delay.
The Loan Application
You will have to provide a completed loan application. You will be asked questions describing your income, assets, debts and expenses, and the real property which is to secure the loan. Your loan consultant will take your application. Before you sign the application, make sure that it truthfully states your income, assets, debts and expenses. Do not stretch the truth on your loan application. You may be asked to provide documents that verify your income or employment and bank accounts. The sooner you comply with these requests, the sooner your loan application can be processed.
You will be provided with the required disclosures regarding the terms of the loan. It is important that you review these disclosures and ensure that the terms meet with your approval.
Processing the Loan
This is the process where Mortgage Wizards obtains the required information from you and submits it to the underwriter for loan approval. This is a critical stage in obtaining your loan. You may be asked to provide additional documents that verify your income, employment and assets such as your retirement savings or savings account.
Ensure that you respond to all requests for information in a timely manner. This will increase your chances of quickly closing your loan. This is also the time you may want to lock in an interest rate. Remember to keep in contact with your loan consultant to monitor the loan process.
Closing the Loan
This is the final stage of the loan process. The closing can take place at an escrow company, our office or your home. No matter where the signing takes place, this is the time to ensure that the loan terms are correct. Read all documents. Do not let yourself be rushed. If you have questions, ask them and make sure you understand the answers. If the terms and conditions are not what was agreed upon, do not sign the loan documents. Request that the documents be redrawn stating the correct terms.
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