4 Factors That Slow Down your Loan Processes

4 Factors That Slow Down your Loan Processes

Surviving the real estate market is like getting into a competitive sport that requires extra effort and cash. You crave your dream house but the necessity of requirements prevents you from achieving it instantly. In order to buy your new home, you’ll need the help of a trusted home loan for easier payment.

Managing to survive mortgage processes quickly and efficiently seems impossible. With the numerous requirements and time constraints, your home loans face a number of hurdles before receiving approval.

Here are 4 factors that slow down your loan’s efficient processing:

Lacking all the necessary documents

Documents and other paper requirements are necessary for your loans. In today’s world of mortgages, documentation plays a critical role in your loan process. With the necessary documents, your loan can close easily in a matter of 2 weeks. Doing otherwise results in difficult and longer processing.

A number of mortgage underwriters are critical with documentation; they refuse to accept incomplete documents. Make sure you provide EVERY page of necessary papers to avoid frustrations in the future.

Delay in obtaining required documents

Sales contracts are legally binding agreements and follow strictly set timelines. Time is a major factor that can make or break your home loan. When your loan providers ask for necessary documents, do not delay. Time is of the essence; as the homebuyer, it is your responsibility to provide all necessary papers on time. This way, you stay track with your process and close it on time.

Surviving cash deposits

When you purchase a home, you must provide bank statements that prove your financial capability. Underwriters and cash deposits often clash with one another; tracking cash proves impossible and if an underwriter spots a large cash deposit without documentation, they will not give you credit for this deposit. You must submit the right documents and provide explanation for each deposit.

Immediately switching jobs

When you apply for a new job while your loan is processing, you’re at risk of facing delays or loan denial. Making the transition offers numerous setbacks with your home loan. Most underwriters will require a month of pay stubs, which delays your loan by six weeks.

Close your loan faster by avoiding these factors that slow you down. At Altius Mortgage, we make sure you receive your loans efficiently and quickly. Call us now for more information on our services.