When it comes to home buying, it is easier to think of it more as a tortoise than a hare. Getting into a home takes patience in a lot of different aspects. If you don’t have the patience for your mortgage loan to close there are some things you can do to make it move faster. Check out these tips to make the mortgage process move more like a hare than a tortoise.
Start with Clean Credit
Nothing can help speed up your loan process like clean credit. If you don’t have it, do your best to clean up and correct any hiccups before you start going through the process. If you don’t have the best credit, or have errors that come up in a credit report, make sure your mortgage professional knows about it at the beginning, so they won’t find any surprises. This will move along the process faster.
Prepare before you start
There is going to be a lot of paperwork going into a process like this. Make your life and the life of your mortgage professional easier by starting the preparation for it earlier. Get all the paperwork you know you will need beforehand, so you aren’t scrambling for it when it comes time to submit it to your loan officer. Some of the things you will need are: Pay stubs for the last 30 days of work, W-2’s for the last two years, Bank Statements, Driver’s License, proof of supplemental income and others. If you have these ready to go before you start, it will move the process a lot faster.
Be forthright and upfront about any financial issues you have with your lender. If you don’t tell them about things you think they need to know, they will find it anyways. This could easily cause delays and just make more work for your lender.
Getting pre-approved is a great way to cut some paperwork and time. A lot of the work for the lending is already done and it will save the time it takes to get your loan approved when the time comes.
Once you start the process of getting a loan, put all your big spending on hold. Until the loan is approved, make sure to be disciplined in your spending. Don’t take any new loans out, switch banks, or apply for any new credit in that period. This can show up as a red flag to underwriters and can definitely slow down the whole process. Make sure you are approved foryour mortgage before buying any appliances or getting a new car.
This is probably the most important part. Make sure the communication between you and your lender is fluid and quick. The faster you respond to any emails or phone calls, the faster the loan process can take. Answering a quick question a lender has at the end of a day, can save another day to the process. The better you are at communicating, the better the chance of getting the loan done quicker.
The Homebuying is often the product of how much work you want to put into it. If you want it to go faster and smoother, do your part and it will.