FIVE WAYS TO MAKE THE LOAN PROCESS GO FASTER
We should say that “working with us” is the first way! When you let us help you find the loan that’s right for you, you truly are taking advantage of some of the area’s best technology and expertise to get you a loan decision and funding on your loan quickly.
But here are five “other” ways you can speed up the process of getting an apartment loan:
1. Please have all of the information for the apartment complex. We will need ASAP the current Rent Roll of the property as well as the previous two years Income and Expense Statements and the YTD Income and Expense report. Calculating the Debt Coverage of the property is very important to determine the maximum loan amount for the property. We will also need a description of the property and digital pictures. Elsewhere on our website, you’ll find a list of things you might need in support of your financial information. If you assemble this information now, you can cut down on time spent rooting around for things we may need. Also, you’ll help cut down on your own anxiety and confusion.
2. Be honest and complete when you fill out your application. “Fudging” your employment or income or omitting open credit accounts you’d rather not have considered doesn’t increase your chances of getting a favorable loan. In 100 percent of cases, it makes it harder, and takes longer. Be sure to completely fill out the loan application and provide all requested informtion including dates, addresses and account numbers.
3. Respond promptly to requests for additional information. During processing, the lender considering your loan may request additional information. Provide it as soon as you get the request, and respond to our calls, faxes and emails as soon as you can.
4. Be prepared to explain derogatory items in your credit report. This is really part of number 2 above. If you had an illness or a divorce where you missed or made late payments, or you have other instances of late payments or delinquencies on your credit report, be prepared to explain them. Be honest, and don’t be nervous! The loan processor isn’t judging you, they’re trying to fill in all the blanks in their paperwork.
5. Have Recent sales or Rental Comparables for the Appraiser! The appraisal is one of the lengthiest parts of the mortgage loan process. Any information that you can give to the appraiser to support the value of the apartments will only help the appraisal to come in at the greatest value. Studies have shown that a big factor in appraisal “lag time” is the appraiser’s inability to reach the apartment owner or listing agent to make an appointment. If you’re refinancing and the appraiser calls to make an appointment, make it as soon as convenient for both of you.