Three Tips for Speeding up the Home Loan Process

Merrill Tapia
Loan Officer
(NMLS# 908884)

Are you in the process of applying for a refinance or new home loan? Smart move! With interest rates at lowest levels ever, now is a great time to act.

However, be sure you think carefully before selecting the program, rate and lender that are right for you.

NOT ALL LENDERS ARE THE SAME. Some lenders may quote a great “teaser” rate, only to switch to a higher rate when you apply. Additionally, some well-known lenders are backed up with a flood of refinance applications and new home loans, delaying completion by MONTHS, therefore, costing you real money. Applying through PennyMac may be the fastest way to lower your payment.

Speeding Up Processing: Some Helpful Tips

Merrill Tapia, a Loan Officer at PennyMac, offers some tips to help borrowers streamline the process of a refinance or new home loan. “Feel comfortable calling your lender to ask questions. Any lender with a commitment to service should patiently address your concerns,” she emphasized. She shares three tips to help simplify the job of your lender, which will ultimately speed up that loan process for you.

First, be available. While processing and underwriting your loan request, your lender may ask for additional information. Among others, they may have questions regarding a lapse in employment history, a maxed out credit card, or a sudden drop in income. No matter the request, make sure to respond promptly. Be available and willing to answer questions.

Second, provide all requested information upfront. One of the most important components to shortening the loan process is – accuracy. Omitting your employment history, excluding open credit card accounts, or fudging past debts will not help you secure a better interest rate or loan. In fact, it will only add to the complexity and elongate your processing time. Lenders are required to verify all information submitted via loan application.

Finally, do not be afraid to ask questions. If you are unsure or confused by any part of the loan process, speak with your lender. It’s better to address any issues upfront, rather than leaving paperwork blank or omitting any documentation.

PennyMac welcomes your questions and offers complimentary loan consultations over the phone or in person at the Honolulu office. Additionally, their efficient in-house management of underwriting, document drawing and funding assures the customers they are getting the best deal as quickly and accurately as possible.

PennyMac Loan Services, LLC
Honolulu, HI Branch Office,
NMLS #828116
55 Merchant Street, Suite 1430
Honolulu, HI 96813
Tel: (808) 440-4340

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