Will Agents Get Notified About Their Clients’ Mortgage Loan Status? | FAQ | Better Mortgage (2024)

FAQs

Will Agents Get Notified About Their Clients’ Mortgage Loan Status? | FAQ | Better Mortgage? ›

Can an agent get notified about their client's mortgage loan status? Yes.

At Better Mortgage, our average closing time is 32 days — 10 days faster than the industry average — and our online process provides a series of streamlined steps so you can refinance quickly and conveniently.

All loans are initially serviced by Better Mortgage in conjunction with our sub-servicing partner, ServBank—which handles payment administration and collection. Moving forward, we may transfer ownership of your loan to an investor who will provide servicing.

Mortgage lenders ask for tax returns, often two years, to verify that you have the income, investments, and other holdings that you say you do. Mortgage lenders will also ask for proof of employment and salary, as well as retirement holdings.

Better Mortgage usually closes loans between 3-6 weeks after rate lock. The exact timing depends on a few factors, including how quickly you can submit all required documents, as well as the timing of third-party services.

At closing, you'll sign the mortgage loan documents, the seller will execute the deed to the property, funds will be collected and disbursed, and the closing agent will record the necessary instruments to give you legal ownership of the property.

Better Mortgage could be a solid choice for price-conscious homebuyers who are comfortable without a brick-and-mortar location. Better offers a completely online loan process, no origination fees and a competitor price-match program. But loan options are limited.

Simply put, many traditional lenders use antiquated, fragmented processes that take a lot of time and people power. At Better, we've built technology to streamline the entire homebuying and mortgage process, making it cheaper for us to make the loan which means we can then pass the savings on to you.

Its largest source of business is an integrated relationship with Ally Financial, by which Better sells, processes, underwrites and closes Ally's mortgages, while Ally retains control of marketing, advertising and loan pricing.

Do mortgage lenders look at your spending? ›

Mortgage lenders want to see that you are living within your means and that you are not spending more than you can afford. They will also look at your debt-to-income ratio to determine if you are able to handle the payments on a mortgage.

Questions a mortgage lender should never ask

Sexual orientation. Disabilities. Family expansion plans (a lender can ask how many children you currently have and their ages, but it can't ask if you plan to have more or discriminate based on familial status)

It is technically possible to close on a home in 30 days, or even less, particularly if you are paying all-cash rather than getting a mortgage or dealing with a homebuying company or iBuyer. But in general, according to data from ICE Mortgage Technology it takes about 44 days to close on a home.

If there is financing involved, a lot of time is needed to go back and forth with getting qualified for a mortgage, getting loan docs prepared, title work, inspections, etc. The loan process can take time, so that is why 30 days is typical, for a financed property.

Ans. If you repay your loan in full and close the loan account on time, it has a positive impact on your CIBIL score as it shows a higher creditworthiness and good repayment behaviour.

How long does closing take? The average amount of time it takes to close on a home is 42 days. Collecting crucial documents and being on top of your application can speed up the process.