Are your borrowers in a hurry to get their mortgages processed and closed? Whether they’re buying a new home or refinancing, follow these 10 tips to help them speed up the process. From gathering their documents to getting pre-approved, we’ll show you how you can help get your borrowers to the closing table as quickly as possible.
Get organized from the start
The first step in rushing a mortgage to the closing table is to get your clients organized from the start. They’ll need to gather all of their financial documents, including tax returns, pay stubs, bank statements, and more. This can be a daunting task, but if they’re organized from the get-go, it’ll be much easier to move through the process quickly.
Work with a local lender
If your borrowers are working with a local lender, they’ll be able to move through the process more quickly than if they were working with a national lender. This is because local lenders are familiar with the area and the market, and they can move through the process more quickly.
Don’t change jobs
If your borrowers are thinking about changing jobs, it’s best to wait until after they’ve closed on their mortgage. This is because lenders will want to see a steady employment history, and a job change can delay the process.
Avoid big purchases
Your borrowers should avoid making any major purchases – like a new car – before closing on their mortgage. This is because lenders will want to re-verify their income and assets, and a big purchase can make it harder to do that.
Keep communication lines open
It’s important that your borrowers keep the lines of communication open with their lender. If they have any questions, they should ask them right away. The sooner they get answers, the better.
Don’t try to do it all on your own
Your borrowers shouldn’t try to go through the mortgage process alone – they should work with a professional, like you! A mortgage broker can help them understand the process, gather their documents, and get pre-approved for a loan.
Understand the timeline
Your borrowers should have a realistic understanding of the mortgage timeline. It’s important to remember that the process can take several weeks, so they shouldn’t expect to close on their home right away.
Ask for help when needed
If your borrowers are struggling to keep up with the mortgage process, don’t be afraid to ask for help. There’s no shame in admitting that you need assistance, and a professional can help your clients get back on track.
Have patience
The most important thing for your clients to remember is to have patience. The mortgage process can be stressful, but if they take a deep breath and relax, they’ll be able to get through it.
If you follow these 10 tips, you’ll be able to help your clients rush their mortgages to the closing table. From getting pre-approved to working with a professional, these tips will help them move through the process quickly and smoothly.
And, the best tip is to work with a lender whose processes and technology are designed to expedite turn times and get your borrower to the closing table, quickly and painlessly. That’s why you should Become a Partner with A&D Mortgage today!
