On the need for speed

How is it possible to speed up a complex approval process when many individuals are involved? Can it be done? I say, “Yes, it can.” Let’s take a look at the loan process and identify who and what you will need to accelerate the approval process. It actually is possible to close a home loan in 12 to 15 days with the proper coordination.

Finding a mortgage brokerage capable of speeding various facets of the process toward loan approval is the first and primary requirement. Without a strong, well connected leader, loan approval can languish and take up to 60 days to close.

Once your selection has been made, the first and most important step is pre-qualification. It is way too frustrating to waste everyone’s time looking at houses in the wrong price range. Meet with your loan officer to run a credit report and complete a detailed application. Face-to-face meetings are superior to emails and phone calls. This prequalification meeting will go a long way toward a speedy loan approval.

Also, be aware that an experienced mortgage company knows and has worked with exceptional Realtors and can match you perfectly with a qualified agent to assist you in finding the home meant for you.

Due to stiff government regulations, the disclosures required are numerous and often confusing. Therein lies the job of the professional mortgage broker you have chosen to lead the way. Preparing the disclosures properly and in a timely way requires you, the clients, and your leader, the mortgage broker, to be perfectly in sync. Communication becomes vitally important at this stage. Every “t” must be crossed…..well, you know the adage. In many cases, the disclosures must be completed before we can lock your loan or order the appraisal.

Appraisals historically are the culprits for slowing up the closing. It really helps if your loan officer knows local appraisers and can get them on the phone to communicate your need for speed. A timely closing is the make-or-break part of a purchase. It allows purchasers to relax and enjoy the process of buying a home. You can just imagine how gruesome the opposite scenario can be.

You will hear brags about closings completed almost overnight. Cash purchases can come close, but if you are like most people, purchasing a home will require a mortgage. And, in lieu of a cash buyer, to entice the seller, you and your loan company must work fast and efficiently, as a team, to secure all needed documentation and appointments necessary to close quickly.

Set yourself up in a good position to buy your home. Make a plan andwork it. Look around and ask around about the reputations of mortgage brokerages. Choose your representative based on years in the business in Santa Fe and how secure you feel about disclosing your information. This person will serve as your lifeline through the process. Confidence in ability will mean everything.

Become prequalified, supply every document and piece of information called for, practice a little patience, and start packing! A happy closing is a happy day! Moving day is even happier!

Jim Gay was a real-estate broker for 20 years and has been a financial consultant to Fortune 500 companies. He is currently a broker/owner ofThe Mortgage Place, Inc. (505-986-9080) and can be reached at jim@jimgayhomemortgage.com.