3 Tips For Speeding Up The Home Loan Process
Purchasing a home can be quite an exciting time in your life. However, the process can take some time and can be quite frustrating as well. In order to help reduce some of this stress and frustration, you may consider these three tips for speeding up the process of receiving a home loan:
Get Pre-Approved:
Many people make the mistake of not getting pre-approved for a home before they actually start shopping for a house. This can delay the process because you may try to get approved for a home that does not fit in your price range. This ends up being a waste of time. It's better to shop for a home when you actually know what you can afford, and the pre-approval rate can help you do this. Just be sure that you are honest about your finances to ensure that you are receiving a correct pre-approval amount. On top of knowing how much you can afford, a pre-approval rate can also help by proving to sellers that you are serious about the purchase, which puts you higher on their priority list.
Organize Financial Documents:
When you meet with a lender to be pre-approved for a home loan, you want to be sure that you are bringing in all the right financial documents. This may require some printing and organization on your part. If you go into the lender's office without this documents, it can slow down the process because you won't be ready to actually get an accurate pre-approval amount. Be sure to bring in the last two year's worth of your W2's, the last two pay stubs, as well as two months' worth of bank statements.
Stay in Contact with Lender:
Finally, you must be sure that you stay in contact with your lender. If your lender calls you, be sure to return their call to ensure that the process continues as quickly as possible. If your lender asks for you to provide additional documents to continue with the loan process, be sure to submit those documents as soon as possible. If you haven't heard from your lender in a day or two, it's best to call to check in. This will put you higher on their priority list, which is helpful when they have a number of clients to help.
By following some of these tips, you are sure to speed up the process of the home loan process, which will help get you in the home that you want sooner. To learn more, speak with a mortgage company like Dynamic Mortgage Concepts Inc.
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