If you are refinancing do not forget about the Right of Rescission. This is a three day waiting period between the time you sign closing documents until the loan actually funds. This federally mandated waiting period is meant to protect home owners from unscrupulous loan officers by giving you a chance to "call off" the entire loan if you feel uncomfortable with your new mortgage.

With a new home purchase, there are thirteen entities involved with your transaction. These include your real estate broker or agent, escrow, title, appraisal, etc. Each of these entities must keep in compliance with specific rules and laws. Because each movement in your mortgage transaction is affected by all dynamics of the process, the timing of each process can have an affect on the over-all timing of final funding.

One reason the loan process can take a long time is because of the loan officer and/or the mortgage company you choose. If the loan officer is not experienced in the type of loan you need, he or she can make mistakes that can delay funding of the loan. If the mortgage company does not have enough processors, does not train their loan officers completely, is not organized and efficient or is not capable of doing electronic submission of your loan, the process will take longer.

When you decide to take the step to refinance your home loan, your loan officer will talk with you about getting your home appraised. The biggest mistake people can make is delaying the inspection. Getting an appraisal done is one of the most crucial parts of the loan process. Delaying the inspection to clean or make minor repairs will make the loan process longer than it needs to be.

Sometimes, your loan officer experiences delays with trying to obtain verification information. Your loan officer will usually need to verify employment for most borrowers and if they are unable to talk with the person at your employer who handles these verifications then it can delay your mortgage loan process. Also, when your mortgage history or rental history does not report to a credit bureau, many times this can be very time consuming trying to obtain a mortgage history or rental history. Some lenders take up to 30 days to provide a Verification of Mortgage and some landlords are next to impossible to get a hold of to verify a rental history. These are a couple of the reasons why your home loan can take longer than normal.

How to speed up the loan process - Most people who apply for a mortgage loan are in a hurry to get their loan to close as soon as possible. They don’t always realize the amount of work that goes into getting them a loan after they fill out an application. There are very good reasons for the loan process to take several weeks or more. Fortunately, there are things you can do to help the loan process go as quickly and smoothly as possible.

If you know for sure you are going to get a loan then order your appraisal immediately. Pay for it up front and with your own money. Granted you can build this into the loan (sometimes) but it slows things up. If you know for sure you need financing then get this process started asap! Once its done you can always have the appraiser put the appraisal in the name of the lender that your broker chooses.

When documentation is requested, provide that information in a timely matter. It is of the utmost priority to get the requested information submitted quickly so there are no delays in the funding of your loan.

Borrowers can speed up the loan process by having the following documentation before applying:

1. Last 2 years W-2's or Tax Returns.
2. Last 2 paycheck stubs.
3. Bankruptcy, divorce or separation papers.
4. Name, phone and address of current landlord or Mortgage holder.
5. Copy of Homeowners Insurance
6. Copy of property survey
7. Last 2 months bank statements.

These are some of the basic documents common to every loan transaction.

When you are first beginning to shop for a new home and mortgage pay attention to how quickly your real estate agent and loan officer return your calls. If you have difficulty reaching these people in the beginning then you can expect the behavior to continue for the duration. If you anticipate a problem early on you still have time to work with someone else.

It is a good idea to have all of your financial paperwork in order and any documentation for credit issues handy that will be needed by your loan officer.

Make sure to be available for your mortgage professional. Not returning phone calls and or emails delays your application.

Access to email and a fax machine can make your loan process more efficient. Many people have this available at work.

Make sure that you work on getting your FICO score up and clearing any possible disputes with your creditors.

One of the biggest things you can do to speed up the process is to work with someone who has experience. You can do this by calling me at 269-729-4454 anytime!

When applying for a mortgage, be sure to give your mortgage professional complete and accurate information. If the information is not accurate it could slow the process down, and you may even need to change loan programs or lenders. This will add time to the overall loan process. If you are unsure of the specifics of your income or employment, take the time to find out initially rather than waiting until the loan has been submitted. Every mortgage professional's goal is to make the process as smooth and easy for their customers.