Itching to move into your new home as soon as possible? Try these time-saving tips to get your mortgage approved and processed without delay, so you can settle in and enjoy your new home. Fortune favors the prepared, and so does the mortgage process.
Come Prepared & Be Transparent
Whether you’re renewing a license at the DMV or taking out a mortgage on your first home, having your paperwork completed ahead of time can significantly speed up the process. We suggest gathering the necessary accompanying documentation before you fill out your application; that way, if you find you’re missing something, you can take care of it as soon as possible.
Another factor that can expedite your mortgage approval is full disclosure about your financial standing and assets. The less legwork you leave for your loan processor, the better. Be forthcoming about any and all financial holdings, reported incomes, etc. If the loan processor has to request additional supporting documents, the application cannot move on to the underwriting stage for approval. Always comply with document requests as soon as possible to avoid further delays.
Talk With Your Loan Processor
Your loan processor will be a valuable ally throughout your mortgage application process. They will be your primary contact once you’ve locked in rates with the mortgage broker or loan officer and begin compiling the necessary information to include in your application. Loan processors have lots of technical knowledge about underwriting requirements and use it to inform their work. For example, you may be lacking a key document needed for approval, but your loan processor may be able to suggest a different combination of acceptable documents. In other words, pay attention to what they say, stay open-minded and keep the lines of communication open.
Open Mortgage has an experienced team of loan processors ready to help you get approved for the home of your dreams. Call me today to kickstart your mortgage application process.