Mortgage approval is a step-by-step process that may take anywhere from several weeks to a couple of months. The lender needs ample time to scrutinize and gather all the necessary papers, examine your application and check if you can handle a mortgage.
The process follows a fairly consistent and standardized structure. This is why it is easy to estimate a timeline for a mortgage approval. Although the process is structured, this does not mean that it is strictly rigid.
There are a few tricks you can do to speed things up. Put them to work and get approved for your mortgage much quicker.
Prepare All the Needed Documents.
First thing’s first, make sure you have all the necessary papers needed to process your mortgage application. Without them (or even if you lack just a few), your approval will take a lot more time.
Be proactive in preparing these documents. If you need to send out requests to your HR department to get copies of your pay stubs and tax returns, do it early on. If you think that you have some documents that may help make the process quicker, have them ready. The lender may have not necessarily asked for it, but they’ll appreciate it if you can also provide them supplementary proof.
Be Honest with Everything. There’s a Great Chance They’ll Find out the Truth.
If you don’t want to get into trouble later on along the way, keep no secrets from your lender.
Yes, the underwriting process can be rigorous. They will look at every detail to find out if you can handle a mortgage. They may gather information that you thought have long been buried in the past.
Early on, be honest with your lender on the things that may affect the underwriting, good or bad. This way they can truly evaluate how you can handle such debts and how they can help you overcome any challenges.
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Check Your Credit
Pull up your credit report and look at it first before you let the lender examine it. By reviewing your report on a regular basis, you are doing yourself a huge favor.
An error can affect your credit score, which in turn affects how lenders will rate your risk level. If you will not be mindful of these mistakes in your report, it will have a negative impact on your mortgage application. This will further delay the approval process.
Make Sure You only Work with Expert Professionals
If you want a speedy mortgage approval, only do business with the industry’s experts. Mortgage professionals are well versed with the industry’s twists and turns. They know how to make things quicker because they are already efficient in what they do.
Inexperienced people may cause delays in the process, prolonging the waiting time. A good mortgage lender doesn’t only know how things work, he or she also knows who to work with. Lenders who are familiar and who have good professional relationships with other industry players will often work quicker. This is because it is easier for these professionals to work together and help each other.