Mortgage Delay Downfalls & Avoiding Them

If you’ve begun the loan application process or are looking into it, you may have heard horror stories about delays in the process. Luckily, with Stockton Mortgage Corporation we work hard to avoid any speedbumps on the way to helping you achieve homeownership status!

Here are a few things that could create a delay:

• Leaving out information – Especially when it comes to your financial information, leaving out details about your employment and residence history, income, assets, and debts can cause a delay.
• Not providing all documentation – Any lender is going to want documentation to include in your financial profile. At SMC, we’ve tried to make it easy by creating a Loan Document checklist to help complete your loan application.
• Approval Vs Pre-approval – Don’t get the two confused. Being “pre-approved” means you’ve talked to mortgage banker and maybe even provided some documents and you’ve been told you look good for a loan up to a certain amount. Loan approval doesn’t officially begin until your mortgage banker submits your file with all your documentation to an underwriter for underwriting, processing, and approval.
• Be informed on rates – Keep a realistic attitude toward rates, which are subject to change at any given time. Make sure you’re in contract to buy your home to lock in the rate for your mortgage.

For more on all this, check out Zillow’s housing blog.