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When Sending Your Docs to the Mortgage Servicer

Problems that often reduce your chances of acquiring a mortgage

So you’re ready to get that mortgage. You’ve talked to your lender. You can’t get enough of moving in your new home. But what could possibly spoil your plans? Believe it or not, your mortgage can be delayed by a couple of things.

Credit Report

Have you checked your credit report? Make sure that it has not changed since your last call. To be sure that you’re not in a precarious situation, it’s best to maintain a FICO score of at least 620. In case there are errors and the lender discovers about it, your application will be delayed since credit report companies would have to verify the real score first.

Forms, Forms, Forms

Now that there is a conscious effort from the government to cut down the amount of paperwork when acquiring a mortgage, many are thinking that filling out those forms won’t be a hassle anymore. But if you need to check your lender once again, you might be surprised that one page may be composed of more than thirty lines that you have to answer.

Always check the accuracy of your entries. If possible, you may ask your husband or wife to accompany you so that he or she can review your answers. In case there are too many mistakes, don’t expect the loan officer to get back to you immediately. There are many applicants who are also requesting for a speedier process.

Submitting by Fax

Since most mortgage firms require borrowers to submit documents by fax, make sure that you follow the correct procedure. Your documents won’t be misplaced if you attach a cover page with the name of the recipient and sender, the corresponding contact numbers, the date, the mortgage account number (MAN) the number of pages. Then for every page, write your name and MAN as well, just to make sure that no page gets mixed up with other forms.

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