When you decide to buy a new home or refinance your current home, one of the first things you may want to know is how to get a mortgage as quickly as possible. Although every loan approval takes time, there are certain steps you can take to speed up the process. Here are some of the things you can do to make sure your loan is approved sooner than later.
1. Complete negotiations with the seller quickly.
If you are purchasing a new home, complete negotiations with the seller as soon as you can. Your lender will need a fully-executed sales contract before the loan can move forward, and this contract won’t be available until all negotiations have been completed.
2. Be upfront with your lender.
When you apply for your loan, give your lender all of the information requested. Don’t try to hide anything, even if you think it may cause problems with your loan. Any information you don’t provide is likely to be uncovered anyway, which could delay the processing of your loan even more.
3. Respond to all document requests as soon as possible.
Throughout the approval process, your lender may make multiple requests for documents. While the lender is waiting for these documents, the processing of your loan will be stalled. Each time you receive a document request, return the necessary paperwork as quickly as you can so that the lender can move forward.
4. Clear conditions immediately.
Almost every loan is approved with certain conditions that must be resolved before closing. Resolve each of these conditions as soon as your processor tells you about them. Examples of conditions you may need to resolve include purchasing homeowner’s insurance, paying off a credit card or providing a letter of explanation.
For more information about how to get a mortgage or to begin an application, please contact us here at Starboard Financial. We are here to help you get your mortgage in record time.