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New Home Loan - 3 Tips To Speed Up The Mortgage Loan Approval Process
Imagine this: you've found the perfect house, and feel lucky because the interest rates happen to be at an all time low. So you submit your mortgage loan application, and then? wait. The next week, interest rates go up a point, but you're still waiting. Another point would mean a significant amount in the monthly payment you will pay, and you groan when you open the newspaper and find that indeed it has gone up again.
Can this be avoided?
Luckily, there are some steps that you can take to speed up the process of your loan application! Here are a few suggestions.
First of all, if you haven't yet started shopping for your new home, you should consider shopping for a home LOAN before the home. It is possible to be approved for a mortgage loan before you ever find your home, and this will accomplish two things. First of all, it will allow you to lock in an interest rate, which will completely eliminate the "waiting" game mentioned above. In addition, if a seller sees that you are pre-approved, he will be more likely to negotiate with you because he will view you as a "serious" buyer.
If you've already found your dream house and still need to get a mortgage loan approval, there are some steps that you can take to speed up the process.
You should be sure that anytime the mortgage company calls you, that you return their call as soon as possible, and then provide whatever documentation or data they need. Remember, if they call you for something that generally means that they won't be able to move forward on your loan until they receive it.
Next, you can make things easier for the mortgage company by providing them with a file containing all of the information that you know they will need-organized and easy-to-read. For example, you should include your tax returns, income statements, employment records, credit reports, explanation of bad marks on your credit reports, bank and investment records, the contract for your new home, all bank records, and cancelled checks or other evidence of your current mortgage or rental payments. This will save the time of the mortgage company having to ask you for all of this paperwork.
Finally, it won't hurt to call and check the progress every now and then. Mortgage lenders process thousands of loan applications, and you can make sure that yours doesn't sit on the bottom of the stack by calling attention to it with a phone call.
To view our recommended sources for home mortgage loans, visit: Recommended Mortgage Lenders Online.
Carrie Reeder is the owner of ABC Loan Guide, an informational website with articles and the latest news about various types of loans.
MORE RESOURCES updated Wed. September / 23 / 2020
Mortgage and refinance rates today, September 22, 2020 | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Mortgage lenders are adding the refinancing fee. You can still avoid it if you act now. - Bankrate.com
Mortgage lenders are adding the refinancing fee. You can still avoid it if you act now. Bankrate.com
A record number of borrowers can now save on a mortgage refinance, as rates set another historic low - CNBC
A record number of borrowers can now save on a mortgage refinance, as rates set another historic low CNBC
How to refinance your mortgage without closing costs Fox Business
Mortgage and refinance rates today, September 15, 2020 | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Mortgage and refinance rates today, September 15, 2020 | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
How and Why to Refinance Your Mortgage: A Step-By-Step Guide ActionNewsJax.com
Refinance your home before December 1 to avoid paying a new fee Business Insider
Should you refinance your mortgage? Tennessean
Mortgage Refinance Calculator Clark.com
Complete Checklist of Mortgage Refinancing Requirements Credible News
When Should I Refinance With a No Closing Cost Mortgage? Clark.com - Clark Howard
Today's best mortgage and refinance rates - Tuesday, August 25, 2020 Business Insider
Buying or refinancing a home during a pandemic NBC 15 WPMI
Jump in U.S. Mortgage Refinancing Point2 Homes
Clark Howard’s Special Rule for Refinancing Your Mortgage Clark.com - Clark Howard
15-year mortgage rate hits new record low Bankrate.com
Seven Out of 10 Homeowners Who Research Refinancing Get Unwanted Sales Pitches: Survey - Credible News
Seven Out of 10 Homeowners Who Research Refinancing Get Unwanted Sales Pitches: Survey Credible News
CardMatch™ | Bankrate Bankrate.com
Millennials drive huge VA home loan refinance boost in Hampton Roads - The Virginian-Pilot - Virginian-Pilot
Millennials drive huge VA home loan refinance boost in Hampton Roads - The Virginian-Pilot Virginian-Pilot
The Uncommonly Strong Case For Locking a Mortgage Rate Mortgage News Daily
What Are Mortgage Overlays? PRNewswire
Your weekly real estate roundup: Atlantic City condo, prepaying on your mortgage, Will Forte's house and more - Press of Atlantic City
Your weekly real estate roundup: Atlantic City condo, prepaying on your mortgage, Will Forte's house and more Press of Atlantic City
Promontory MortgagePath Launches End-To-End Origination, Fulfillment Platform - National Mortgage Professional Magazine
Promontory MortgagePath Launches End-To-End Origination, Fulfillment Platform National Mortgage Professional Magazine
Pureloan.com announces the launch of its nation-wide mortgage and refinance loan search engine - Press Release - Digital Journal
Pureloan.com announces the launch of its nation-wide mortgage and refinance loan search engine - Press Release Digital Journal
Mortgage Rates Again Fall To Record Lows – Market Update Zing! Blog by Quicken Loans
Money Announces the 2020 Best Places to Live In The US, As The Pandemic Prompts A Shift Away From Urban Living - PRNewswire
Money Announces the 2020 Best Places to Live In The US, As The Pandemic Prompts A Shift Away From Urban Living PRNewswire
Mortgage refinance: Everything you need to know Fox Business
Refinancing and delinquencies soar in divided mortgage era Crain's New York Business
Why Warren Buffett would say to refinance your mortgage now Wall Street Reporter
Fannie's Forecast Sees a Brightening Recovery Mortgage News Daily
10 things to know before refinancing your mortgage Fox Business
How to get the best mortgage refinance rates Fox Business
Don't let mortgage rates distract you. You should also consider this when refinancing - Fox Business
When should you refinance your mortgage? Fox Business
Fed's mortgage-buying spree at $1 trillion with no end in sight Pensions & Investments
10 ways to save money on a tight budget Bankrate.com
Student Loan Refinancing Rates Hit Another New Low Credible News
Compare Today's Mortgage Refinance Rates: Sep 22 Credible News
State firm caps cheap mortgage at Sh4 million Business Daily
How to get a low-cost mortgage refinance Bankrate.com
Mortgage refinancing is about to get more expensive Pittsburgh Post-Gazette
How does mortgage refinancing work? Bankrate.com
Refinancing Your Mortgage? Those Rock-Bottom Interest Rates Aren’t for You - The Wall Street Journal
Refinancing Your Mortgage? Those Rock-Bottom Interest Rates Aren’t for You The Wall Street Journal
TMC Financing's SBA 504 Refinance Loan Slashes Hotelier's Occupancy Costs and Helps them Survive Coronavirus Pandemic - PR Web
TMC Financing's SBA 504 Refinance Loan Slashes Hotelier's Occupancy Costs and Helps them Survive Coronavirus Pandemic PR Web
Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates - CNBC
What Is a Mortgage? Everything to Know About Home Loans Credible News
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 - Business Insider
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 Business Insider
Rushing to Refinance Your Mortgage: 6 Tips and What to Avoid The New York Times