Poli Mortgage Group, Inc.'s Loan Q&A

Sept. 15, 2011 - PRLog -- How can buyers and loan officers help speed along the process when it comes to a foreclosure or shortsale?

The best way to speed the process along is to continue to communicate as much as possible regards the credit worthiness of the borrower and specifically if the borrower has been approved to purchase at the price offered. The sooner the buyers are qualified and have a commitment to buy the better shot you have at the bank or seller moving forward.

Interest rates are lower than they've been since the 1950's, do you expect them to rebound any time soon?

Based on what we have heard regards the most recent reports on the economy and interest rates it does appear that the low interested rates will be around for some time. It is surely become common knowledge and discussion that the housing market must stabilize and begin to grow for the overall economy is to rebound and grow. There is no guarantee that interest rates will stay as low as they are today, so if you feel that you could benefit fomr a refinance or if the time for youis right to make a home purchase, quickly consult with your professional Loan Officer for current market rates and programs.

What can consumers do to help their mortgage broker operate more efficiently?

There is an easy answer to this question for all consumers who want to help their loan officers operate more efficiently and in turn make the transaction for themselves a pleasant and simple one. The key component to getting a mortgage approved and closed is to have all the requested, required documentation returned to the Loan Officer within days of the request. Be sure to explain all aspects of your employment and other financial situations to the loan officer up front. For waiting until later to tell the Loan Officer that you just began construction on your home or that you just bought a new car could drastically change your ability to get approved. Be sure to ask your loan officer if you have questions on any of the instructions you receive.

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