If you're a homebuyer who wants to close more quickly, keep in mind that there are some factors that are beyond your control. Some of these are the time it takes to perform an appraisal or how long it takes a title search is being executed. But there're still some ways you can do to get your loans approved as fast as possible. Here are some Tips for Quick Mortgage Approval.
1. Know Your Requirements
It's obvious that we Mortgage Lenders like Paperwork. So when you're on your way to buying a home, be sure to have your commonly-required verification requirements ready. This includes your W-2 statements and federel tax returns for the past 2 years. two most recent paystubs, and your last two bank statements. Also, keep your driver's license and social security numbers of the people whose name will be listed in the mortgage handy.
Moreover, if you have/have had a unique credit situation like a short sale or foreclosure, child support or alimony payments or gift funds from your relatives (learn how to handle gift funds here) or any related documents, have those documents ready. Gathering paperwork tends to be one of the most time-consuming part in the mortgage process so consider scanning for them in advance.
2. DON'T keep secrets from your lender
Be honest with us even if you think it may harm the approval of your mortgage. This is because if you withhold infromation from your application, that could lead to loan fraud which is far worse than having your mortgage approved. Plus, there're are lots of mortgage option out there. From large to low to even no downpayments, the more information you share the more equipped we'll be to help you close more quickly.
3. Get Pre-approved First to Speed Up the Process
One of the most forgotten Tips for Quick Mortgage Approval is getting pre-approved. Home buyers that get pre-approved first typically save about one week or more in closing times. This is a big help for us lenders as buyers can quickly proceed to contract writting or underwritting phase. You can get Pre-approved in our site at TheHeckmanGroup.com.
So these are some simple Tips for Quick Mortgage Approval that'll surely help in the mortgage process. Me and my awesome would be more than happy to help you through your mortgage. You can contact us with the information below.
Source:TheMortgageReports
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