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Hannah Glenn has been with Visio Lending for the past two years, and as a Loan Processor, she processes the loans that our Account Executives originate and prepares them for underwriting.One of Hannah's main responsibilities is to maintain excellent communication levels with our borrowers to keep the loan process running smoothly and quickly. Here are Hannah's secrets from her own experience to make the loan process a breeze for borrowers:
Understand Mortgage-Lingo and the Loan Process
Hannah recommends familiarizing yourself with loan terminology (specifically Owner's Title Policy), knowing what documents are required, understanding why underwriting is required, and grasping concepts related to your property such as liens and rent loss replacement costs. In addition to the Visio Blog, one of the websites we recommend using as a resource is Bigger Pockets, where a community of real estate investors and owners share their experiences.
Know the Visio Borrower and Property Requirements
While most properties are processed perfectly, there are others that raise red flags and cannot be moved forward. At Visio, we do not lend to borrowers who live in their subject property, therefore the subject property may not show up as the borrower's address. Additionally, we only lend to residential properties, so if your appraisal comes back as commercial or commercially zoned, we will be unable to complete the applications.
Have Your Documents Ready and In Hand
In addition to the documents that your Account Executive needs from you, your loan processor is going to need your Insurance Declaration Page with all of your insurance information handy. Visio requires borrowers to have full replacement cost coverage for your property and at least six month lost rent coverage.
Follow these recommendations for a fast, simple, and dependable closing. If you loved what Hannah has to say and want to jump-start your investment portfolio, contact us.
Andy Nguyen was born and raised in Houston, Texas. As a 5th-year senior at the University of Texas at Austin, Andy studies Economics and Finance and hopes to pursue a career in consulting. As a consultant, Andy hopes to bring strategic impact and deliver with results backed with vast, insightful data. After a successful career, Andy aspires to open his own restaurant and serve delicious, beautifully
Dheeraj Nadella is a junior at the University of Texas at Austin. He studies Mechanical Engineering and Business and hopes to pursue a career in engineering. As an engineer, Dheeraj aims to learn the technicalities of a business from an engineering standpoint in order to one day pursue a career in entrepreneurship and run his own business. After a successful career, Dheeraj aspires to travel around the world and pursue non-profit opportunities.
Topics: Real Estate Investing