If you are a qualified, motivated buyer, you really can have a fast mortgage closing in Arizona. It is not uncommon for us to submit a loan and be clear to close in five business days. Based on some great wholesale partnerships and 20 years + experience completing Arizona residential transactions, we can help make the buying or refinance experience lightning fast.
If you are purchasing or refinancing a property in Arizona, here are 5 tips to make the process lightning fast:
1.) Complete application. This means have a complete application submitted with two years employment and residence history. Completed declarations, income, real estate owned and asset information. The more complete the initial application, the smoother the underwriting process will be.
2.) Income documentation. Be prepared to provide income documentation which may include a W2 form from last year, two recent pay stubs, social security award letters, if owner of 25% or greater of a business – two years personal tax returns and two years of business returns including K1s, depending on company formation. Also, address any gaps of employment over the last two years.
3.) Asset documentation. Two months bank statements for all checking, savings and investment accounts. Occasionally, only quarterly statements are available for asset accounts, this is acceptable. When providing asset statements, any abnormal large deposits must be address and paper trailed -ie -where did the large deposit come from? Tracing asset large deposits and asset verification are often the biggest hurdles to a quick close. Work with an experience mortgage broker who will review this with you Day 1 vs. deep into the process. Additionally, your earnest money deposit will need to be validated it has cleared your bank account. Normally a transaction history will solve this. Printing your transaction history from the day the earnest money cleared your account to the time of your last bank statement will be required.
4.) No new credit. Don’t muddy the waters by applying for credit during your mortgage loan process. Also, address any recently opened accounts which may not appear on your credit report. Generally, if a statement for the new account has been generated, provide this to your mortgage broker to provide proof of new terms. Did I mention, do not apply for credit during the mortgage process? Let me emphasize -no new credit.
5.) Communicate. Having a mortgage professional who is available and not part of a cog in the wheel of a big box operation is important. Everyone has a different Financial DNA, and it is important to review your Financial DNA in detail with a mortgage professional who has experience working with the easy to complex client background. There is value working with a mortgage professional with over $1 Billion in directed mortgages and 20 years experience vs working with 3 or 4 “team” members who have a combined 10 years experience. Unlike most industries, working with an experienced mortgage broker can provide you with a lower rate, lower fees and better service.
Bonus tip: Get on the home owners insurance quote right away – the sooner the insurance quote is finalized, the sooner the loan can be cleared to close!
Craig Turley is one of the few Certified Mortgage Consultants in the nation and Arizona as identified by the National Association of Mortgage Brokers. Craig has directed over $1 billion in mortgage loans in his Arizona Mortgage career and can be reached at 602 930 2529 or firstname.lastname@example.org. Learn more about Craig, here.