Get Approved for Your Mortgage Loan as Soon as Possible

Posted on Mar 7 2017 - 10:55am by Admin

Couple Applying for Mortgage LoanIf you’re currently applying for a home loan or refinancing, consider the following ways to help prevent delays and officially close on your loan the soonest time possible.

Determine Your Credit Rating — Well in Advance

Check with all major credit bureaus, Experian, TransUnion, and Equifax before reaching out to mortgage lenders. This would give you time to repair credit issues, such as errors or writing explanation letters, should your lender require them. It would likewise help your mortgage officer gauge your eligibility for their offered mortgage programs.

Get All Relevant Documentation — Now

You have to provide specific paperwork when applying for a mortgage. These include pay stubs, tax returns, statements of assets and outstanding debts, and proof or homeowners insurance when you are refinancing. Having all of these documents on hand would enable you to complete and submit your application easily and more quickly, as well as give your lender a better picture of your financial condition.

Always Respond to Your Lender’s Requests — ASAP

Your mortgage officer might request for extra information during loan processing and underwriting. Perhaps to clarify your employment history, a drop in your income, or a credit card you maxed out. Keep in mind that they must clear up any issue or uncertainty before officially closing your mortgage.

Be Honest — Always

Excluding past debts, late credit card payments, or some of your job history won’t help you get a better interest rate or secure a mortgage. On the contrary, mortgage loan specialists in Salt Lake City say that it could lengthen the processing time and could make everything even more complicated. Remember that your lender wants to ensure the accuracy of your financial profile to help in determining the most appropriate mortgage program for you.

Although the entire mortgage application process might seem overwhelming at first, but if you’re well prepared, you could save yourself ample time and stress. Make certain to get your credit scores and relevant documents in advance, stay in touch with your lender, and submit accurate information, to help make sure that you get your keys to your dream home faster.