How to Speed up the Mortgage Process

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

Tips for Quick Mortgage Approval

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

Tip #2:

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

Items Requested After the Loan Application

• 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 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 things 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 process. Remember, processors and underwriters are reviewing 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.

What can you do if your loan application is denied? Denied a Mortgage Loan has some very helpful tips.

While waiting for your mortgage approval, you may want to understand what is involved in closing costs. Mortgage Closing Cost -- Don't Be Confused has some very enlightening information to prepare you for these necessary costs and what unnecessary costs to avoid.

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