The road to home loan approval in San Francisco Bay Area can be a smooth or rocky, and this depends a lot on your choice of a mortgage loan officer. But is it possible that you can directly have on impact on whether or not your loan is finished quickly and smoothly? Absolutely!
Your Home Loan Approval – What are Your Responsibilities?
If there’s one thing that has always been a huge part of home loans and has continued to play an even bigger role after the financial crises of 2008, it’s PAPERWORK. After you have a contract on your new home, your lender will need you to sign loan documents, and throughout the loan processing and loan underwriting, you’ll need to provide your lender with other financial information.
Are you getting financial help from family for your down payment? Have you recently been making some large deposits in your bank account or making large purchases? In these types of situations, your lender will require even more financial information and documentation substantiating the paper trail of the money.
Bottom line, the process of home loan approval can be overwhelming and annoying, but it’s vital that every time your lender asks you for something, you get them what they need as quickly as possible. If you drag your feet on getting your lender this information, you run the risk of your loan and therefore your settlement, being delayed.
So when you’re buying a home, resign yourself to knowing that there will be a little extra work on your end between the contract and the closing stages, and try to make a little more time in your schedule for all of this. When your home loan approval happens and you’re getting the keys to your new home on closing day, you’ll be happy you did!
We provide a complete underwriting loan approval which is the same as a Cash Offer. San Francisco Bay Area housing market is super-competitive and you need every little help to get the home of your dreams. For a complete loan approval, contact Abi Said, Senior Mortgage Advisor, InterFirst Lending Corporation.