You've found the perfect home for you and your family, you've worked with your realtor to negotiate a great deal. Now, with the property under contract and your lender working diligently on your loan, you can just sit back, relax, and wait, right?
While your loan officer is responsible for preparing, processing and ensuring your loan is reviewed and meets conditions for approval, the participation and cooperation of the borrower is imperative to getting an approved loan to the closing table.
Delays in closings are sometimes a result of delays on the part of the borrower and/or the lender. As the borrower, here are 3 things you can do to help keep your loan on track:
Check Your Email / Mail Daily - while a lender is may call you to give you a heads up about the need for additional documentation or action to be taken by the borrower, email is another way a loan officer may send documents or update you on the status of your loan. Speak to you lender in the early stages about how they communicate status reports, and requests, and how your preferred method of of communication, so that you and your lender are on the same page in regards to communication.
Gather All Pertinent Documents Early - Gather and keep on hand all pertinent documents related to the mortgage. This will not only help you stay organized but allow you to retain records of what has already been submitted and reviewed by the lender.
Quickly Submit Requests - throughout the mortgage process, your loan officer will ask for specific documentation or supplemental information to satisfy requests of the underwriter. A lot of time can be saved if these requests are not only received quickly (see #1), but are responded to quickly as well. Leisurely responses to lender requests can lead to closing delays.