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The Mortgage Approval Rate: An Interview with Jessica Irwin of Title Mortgage Solution, LLC

By Jessica Irwin

Tell us a little bit about your company and its foundation.

Title Mortgage Solution, LLC is a leading mortgage banker and broker in the Upper Valley. Because we have multiple lenders from which to choose to fund your loan, we can offer the best combination of competitive rates, closing costs, and the widest range of unique and creative loan programs, all while keeping that local service which is so important. We promise to keep the process of applying for a mortgage simple and seamless. We offer pre-qualifications and qualifications within 24 hours as well as loan-by-phone, email and fax. And because we have our processing in-house, we always know the up-to-the-minute status on all of our loans until we see it through to the end.

If you could, please walk our readers through the general mortgage approval process:

How do you suggest clients prepare for this process?

We recommend borrowers set up a pre qualification meeting with one of our loan officers either in person or by phone to establish an idea of what kind of mortgage financing would best fit their needs and prepare a pre qualification to get an idea of their price range, monthly payment, down payment requirements etc. This gives borrowers the confidence they need when shopping for a new home and negotiating a purchase contract. For a refinance transaction or after a property is already under contract to be purchased clients should begin gathering their information and complete a loan application.

What are some common issues you face when it comes to approving a mortgage?

One of the most common issues we face is delays, due to an array of reasons; from home inspection negotiations to unanswered requests for additional information. If a delay is unavoidable we guarantee to be honest and transparent about what it will take to secure the financing in time for closing.

What advice do you have for the homeowner during this strenuous process?

Although the mortgage process has become more difficult in recent years, we strive to make it as simple as possible for borrowers by being up-front about documentation and underwriting requirements. The best thing a borrower can do is to gather requested information and documents and submit promptly to avoid unnecessary delays. Be available and respond quickly to additional questions or requests. Do not incur additional debt, change employment or other major financial change during the loan process.

How long does the approval process typically take?

Turn times vary based on investor and current loan volume. We usually recommend approximately 30 days from your application date to issue your commitment letter, and 45 days from the your application date to close. It is important to submit your completed application and supporting documents, and return any requested items as soon as possible.

Are there any special circumstances that can speed up the approval process, and if so what?

Yes, in some limited circumstances we could close a loan in 15 days. These rush transactions require the prompt cooperation of the client, the realtors, and a fairly simple borrower profile, property profile and loan product. Rushes are not available on government loan products.

What are some of the services your company provides?

Title Mortgage Solution, LLC offers competitive local service on a wide range or mortgage financing products including Purchases and Refinancing of primary residences, second homes and investment properties. We offer Conforming, Jumbo, VA, USDA, FHA, Land Loans, Construction Loans, Second Mortgage Loans, and other unique portfolio loan products.

What's the best way for people to get in contact with you?

We are open M-F from 9am to 5pm. Please call us at 603-643-1400 and speak to one of our licensed loan officers.

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