New Home Loan - 3 Tips To Speed Up The Mortgage Loan Approval ProcessImagine 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 Tue. March / 19 / 2024 Pros And Cons Of Refinancing A Car Bankrate.com Current Student Loan Interest Rates in March 2024 Business Insider How to Refinance Your Mortgage NerdWallet Will Interest Rates Go Down in April 2024? | Mortgage Rates Forecast The Mortgage Reports When to Consider Refinancing Your Mortgage Business Insider Mortgage Relief and Mortgage Assistance Programs [2024 ] The Mortgage Reports Mortgage Rates This Week NerdWallet Mortgage Interest Rates Today, March 16, 2024 | Rates Tick up Business Insider Mortgage Interest Rates Today, March 14, 2024 | Rates Are Still on Track to Go Down This Year Business Insider Mortgage Interest Rates Today, March 17, 2024 | Sticky Inflation is Keeping Rates Up Business Insider Best Mortgage Refinance Lenders of March 2024 Business Insider Mortgage Rates Chart | Historical and Current Rate Trends The Mortgage Reports Mortgage Interest Rates Today, March 13, 2024 | Rates Are Back Down Following Yesterday's CPI Report Business Insider What Is An Interest-Only Mortgage? Bankrate.com Save up to $1,500 on a Mortgage Refinance With the New FHFA Program Business Insider How Soon Can You Refinance a Mortgage? NerdWallet Best Mortgage Refinance Lenders In 2024 Bankrate.com Mortgage Interest Rates Today, March 15, 2024 | Rates Drop for Second Week in a Row Business Insider Can You Refinance With No Income Verification in 2024? The Mortgage Reports Best Refinance Lenders of March 2024: Refinance Your Mortgage The Motley Fool Rates drop - Mortgage rates for March 11th, 2024 Bankrate.com Mortgage Rates Dip Below 7%. Recent Homeowners Race To Refinance. Realtor.com News Current mortgage refinance rates CNN Underscored When to Refinance Mortgage: Is it Time? - Buy Side from WSJ The Wall Street Journal Refinance Requirements: What You Need to Refinance Your Home in 2024 The Mortgage Reports How To Get Equity Out Of A Paid-Off House Bankrate.com Current 15-year refinance rates — and lenders that offer them CNN Underscored Conventional Refinance Rates and Guidelines for 2024 The Mortgage Reports How Soon Can You Refinance a Mortgage Loan? 2024 Rules The Mortgage Reports The best mortgage lenders for refinancing in March 2024 CNN Underscored How To Refinance An Underwater Mortgage Bankrate.com Mortgage Rate Forecast February 2024 Bankrate.com Will Mortgage Rates Go Down in 2024? What Homebuyers Should Expect Business Insider Mortgage Interest Rates Today, March 12, 2024 | Rates Are Down, and They May Drop Further in the Coming Months Business Insider What Credit Score Do I Need To Refinance? Bankrate.com Mortgage Applications Increase By 7.1% Amid Rate Drop, Refinance Activity Spikes National Mortgage Professional Office of Research blog: A look at cash-out refinance mortgages and their borrowers between 2013 to 2023 Consumer Financial Protection Bureau 30-year refinance rates: What to know CNN Underscored Should I Refinance My Mortgage Now? When to Refinance As Rates Drop Business Insider CFPB Releases Study of Refinance Mortgage Loans Between 2013 and 2023 Consumer Finance Monitor Should You Refinance Halfway Through Your Mortgage? Bankrate.com How To Get The Best Refinance Rate Bankrate.com Mortgage Interest Rates Today, March 11, 2024 | Rates Are Down. But High Inflation Could Send Them Back Up. Business Insider The Great Pandemic Mortgage Refinance Boom - Liberty Street Economics Liberty Street Economics - MBA: Mortgage Applications Increased in Weekly Survey Calculated Risk
|