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How to Speed up the Mortgage Process

Tips to Speed Up the Mortgage Process

Once complete, your application will be given to a processor in the mortgage company who will organize your paperwork and may verify your employment,
bank balances, and other information. This is the beginning of the process.

Tip #1:

To speed up the mortgage process, be sure to respond promptly to requests for information while processing is taking place.

Tip #2:

Some items are commonly requested during processing that may not have been collected during the application. Be sure to get these items as quickly as possible, if requested, so your mortgage may proceed in a timely fashion.

These items may include:

The final purchase contract/agreement for the house (if applicable).

If you're self-employed, the mortgage company may require your personal and business tax returns for the previous two years and your company's year-to-date Profit and Loss statement.

Divorce settlement papers, if applicable

Updated account statements for listed assets in the application that may have changed in value.

Information about debts or credit report items that may have been delinquent or not accurate.

Evidence of your mortgage or rental payments, such as canceled checks.

An irrevocable gift letter if you are receiving a monetary gift from a relative.

The processor is collecting this information before presenting it to an underwriter. That is why prompt attention to the processor�s request is very important. A delay in responding will delay the whole process.

The processor then submits the loan file to underwriting. An underwriter reviews all the information in your loan file to determine if the application meets the lender guidelines.

Tip #3:

Sometimes the underwriter requires additional conditions to be met before approval. Responding to the request for additional conditions quickly will keep you mortgage process moving along in a timely fashion. With approval, a lender should give you a letter of commitment, which is a promise from the lender to make a loan based on specific terms and conditions.

Since the file goes through several hands before approval, your prompt attention to the above tips can help speed up the mortgage process. Remember, processors and underwriters are processing more files than yours.

So any delay puts your file on the back burner. Respond quickly, that�s the key to speeding up the mortgage process. Click here to fill out a pre-qualifying application if you would like to see if you pre-qualify for a loan. Or if you have any questions regarding the mortgage process , click here to fill out the contact page with your question and I will answer as soon as possible.

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