Need some encouragement? It's right here

You may think, like many people, that your loan will be a breeze. Most people believe that having great credit makes a loan "easy" to close. Others say that a small loan amount make the loan easier. Or a large one. Actually, having great credit or any size of loan amount has little impact on how much work is involved with closing an escrow.

What gives us the challenge are encountering some unforeseen hiccup along the way to closing. Here are some of the most common "hiccups" that cause submission problems, delays, and add expense to closing:

1. You may not being clear on what exactly you are "buying" or not be fully committed and later delay or halt a step in the process (like completing the appraisal).

2. You may not being clear on what verifications (employment, assets, etc.) the loan process entails.

3. Not providing all the proper documentation we ask you for up front.

4. Your spouse might not be fully "sold" on the benefits of the transaction and later decides not to go through with purchasing or refinancing.

5. You may still shopping interest rates, even though we are well into the process.

6. Not returning phone calls from us, or other third parties involved in the transaction (such as appraisers, underwriters, lawyers, etc.).

7. Real estate agents and others occasionally foul-up the process by playing sides, sometimes even making mortgage brokers look like the "bad guy" just to win points!

8. Not being clear about whether or not you will be escrowing just taxes, insurance, or both.

9. Not being clear about the amount of money which will be needed to be escrowed per the investment institution's policies.

10. If refinancing, not being clear that the payoff amount will be slightly different than what the balance on your statement. The reason for the difference has to do with pre-paid interest and mortgage payments done in arrears.

11. Finding out about a secondary lien on the property or an open HELOC, late in the process.