Thinking of buying a home? You probably wanna get your mortgage done as quickly as you can. Disorganized mortgage application is one of the primary reasons why home buying gets delayed. So if you already have a moving out date scheduled, it is quite crucial that your mortgage gets done in the smoothest possible way.
One thing to take note about is that, with careful planning, you can always shorten the entire mortgage application and get approved faster. Here are some tips to speed up the whole process.
1. Prepare all documents before the application.
One major reason for delayed mortgages is that consumers miss one or more vital document. For example, a pay stub, an insurance document, etc. and these can hold the mortgage process and put the application on pending.
Here are some of the things you need to prepare beforehand: pay stubs that are dated back 4 weeks; a bank statement for the previous 30 days that are officially mailed from your bank; a homeowner's insurance documents; any legal papers that refers to your finances; a divorce decree if you have one.
2. Keep your financial condition consistent or dormant for the whole application period.
Once you are on your way towards mortgage approval, try to avoid making major financial moves as doing so will mean that your lender will need to restart the whole evaluation process. Examples of major financial moves include depositing a larger than normal amount of money to your bank account, taking a new credit card, getting a new loan, and the likes. Try to keep your credit card behavior the same as before as well.
3. Assets and debts should be mentioned.
Lenders will take thorough check on consumers' existing assets and debts. So if you miss telling your lender some info regarding your assets and debts, they will have to spend more time making a clearer picture of your finances. So, you really have to tell your lender about all of your properties, mortgages, loans, and credit card dues.
