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How to Speed up the
First Time Mortgage Process

Faster mortgage approval by following these tips.

The mortgage process is very complex. Learn how to get the process rolling faster by following the suggestions below.

After you fill out your loan application, it will be given to your lender's processor. This individual works with your file by organizing the documents you submitted and they verify all the information.

That's why its important to be very accurate when filling out the application and supplying the documents.

This is the beginning of the process and sometimes it can make you feel real uncomfortable.

I would tell my clients to get ready to expose their underwear drawer! Why do I say that? Because you will feel like they are digging deep into your private matters. But don't close the drawer. That would be the quickest way to end this process.

It is true that getting a first time mortgage can seem like a never ending process. You have already driven by many different homes that you are interested in, and attended countless open houses, and know exactly what you are looking for. You have spent hours, weeks and months, sometimes years searching for that perfect house and now that you know it is out there waiting for you, you want it now.

Naturally, you are wondering how to speed up the mortgage process. You would prefer not to have to wade through endless stacks of paperwork just to buy your new home, but you want to do this right. You want to make sure that the home inspection is completed and there is nothing drastic wrong with the house you have fallen in love with.

But, what about all that paperwork, is the bank dragging their feet? Maybe they just don't understand how anxious you are to get into your new home. You want to know how to speed up the process. Have you done all your homework and learned everything you could prior to starting this journey?

Tips For Quick Mortgage Approval

speed up mortgage process

Here's a couple of tips that will help accelerate the mortgage process:

  • Be quick to respond to their request for additional information. Do not delay thinking the processing will continue! The processor moves to another file if you take too long.
  • Any additional documents requested, supply as soon as possible. Once again, don't procrastinate. These processors have several files on their desk and they work them in the order of receiving. If you delay and they move onto another file, yours may go to the bottom of the pile and you don't want that!

Items Requested After the Loan Application

Here is a snippet of some items that could get requested after you have turned in your application:

  • Tax returns for your business if you are self employed. They may require two years of these and may want to see your business' income statements as well.
  • If divorced, they may want to see your final settlement documents.
  • They may want to see if your assets have the same value as listed on your application so you may have to produce recent documents of these. For example, you may have already turned in your bank statements, but now they want to see a recent one. So don't spend your savings too soon. Being forewarned is being forearmed.
  • They may ask you to produce rental payment checks that have cleared your bank.

So you may want to have these documents ready just in case they ask for them. It's hard to think of everything additional they may request. Know that there will probably be something and get it to them quickly!

Remember, the processor is getting all the documents necessary to present to an underwriter. That is why prompt attention to the processor's request is very important. A delay in responding will delay the approval. Didn't I tell you that you would have to expose your underwear drawer? Don't protest, just do it.

The processor then submits the loan file to underwriting, who then sees if you meet their lending guidelines. 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.

Since the file goes through several hands before approval, your prompt attention to their requests can help speed up the process. Keep in mind, 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.

Mortgage Process - Pre-Approval

If you were pre-approved before actually finding your home, you are a few steps ahead of the average person, and that will pay off in terms of how quickly you can be in your new home. And, since you know how much you can spend that makes matters for your real estate agent even easier.

As a matter of fact, your real estate agent is a good resource for helping you learn how to speed up the process because they have gone through this with others and know where all the short cuts are.

Getting your first time mortgage does not have to be a struggle, and it doesn't have to take the typical 45 to 60 days to complete. Especially, if you are properly prepared with information about how to speed up the mortgage process.

Where Would You Like to Go Next???

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.

Leave How to Speed up the Mortgage Process and return to First Time Home Buyer Mortgages main page.

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