Don’t make your loan tougher than it needs to be

I just closed an Idaho Mortgage loan in about 30 days that I could have had finished a week earlier.  Why did it take a week longer?  Easy, the borrower didn’t supply me with a document I had asked for multiple times.  I had to go find it from a third party and it didn’t get to me very fast.

When I start working on your loan, I will tell you what we will need to proceed and even give you a written list. 

I had asked for this document for at least 4 times while the borrower was looking at homes.  I even nudged the realtor to help me get this.  Even when the borrower got their offer accepted with a short contract closing date, they still had not gotten me that document.

When you’re getting ready to move, and have started packing up, that is not the time to start  looking.  I had to have a third party try to locate the missing document.  It was uncertain if I could even obtain that document or how long it would take.  It had the potential of killing the deal at the last moment.

In this case, the Title and Escrow company was able to get me that document in about 10 days.  It still took a lot of effort to get final underwriting approval and get the loan documents to closing before the expiration date.  This was an stressful situation that didn’t need to happen.

The bottom line is that borrowers need to get everything in to their loan officers asap.  I can work miracles, but don’t walk on water nor do I have a “magic loan wand” that can make underwriters waive loan requirements. 

As I said earlier, one of my goals as your Idaho Mortgage Guy, is to reduce the stress involved to a minimum.  Buying a home and moving is stressful enough.  Don’t bring extra stress upon yourself.

Leave a Reply

Post Navigation

%d bloggers like this: