Yes you can do your loan application online but that does not mean your loan will move along as you think it should.
- When you do the application, make sure you fill out all the details in all the sections they require.
- When you send over the tax forms for the past 2 years, make sure you sign the copies before you mail them. When you file tax returns online you do not sign on the form and this is one way the lenders are stalling the process.
- Make sure you open an account at the credit union or bank if this is a requirement for the loan. They will not remind you, the processor will just put your file aside till you do this ...making your loan a very slow process.
- You must send a copy of your driver's license and one other id...passport, social security card or medicare card, for each borrower...you know the drill. Banks are now required to verify you are not on any of the federal lists. 2 id's are required.
- And the biggest delay tactic I am seeing is that you have to tell them you want to pay for an appraisal. In the old days you would pay for the appraisal and credit report when you did the application. Now they are online and your file is set aside till you send over the required fees.
If you do everything in the first 5 days of contract, your closing will be in about 45 days or less. If you leave out a step, then your closing will be delayed by the number of days your file sat on someone's desk.
Please contact us if you have any questions or comments.