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Shorten the Turnaround Time for Obtaining a Mortgage

Getting all the right paperwork during the mortgage application will help to avoid delays in closing on your loan.

I took a mortgage application last week and the clients wanted to know why I needed so much information? My answer was that I want to shorten the turnaround time. Her response was, you must be kidding?

I went on to explain how the process works today and what it takes to shorten the time period. It is important to take an application that is totally complete, with all information needed and nothing left out. Also, extremely important is all the backup information.

Here is a partial list that may change slightly when the borrower(s) is self employed:

-30 days of pay stubs

-2 months of banks statements: if you have the hard copy we need ALL the pages. If getting the statements online, the statement must have the name of the institution, the borrower(s) complete name and complete account number

-retirement and investment accounts: last statement, if getting the statements online, the statement must have the name of the institution, the borrower(s) complete name and complete account number

-2 years of tax returns (which must be signed)

-2 years of W2′s

This article discusses additional suggestions to shorten the turnaround time for obtaining a mortgage:

Overcoming Common Processing Blunders

By: Daniel Garcia

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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