The home loan approval process is generally the same for all Janes and Joes. Basically, the goal of lenders is to provide perfect mortgages that are constructed properly, leading to timely repayments, no threat of impending buyback, and a reduced risk of default.
To do this, lenders employ a consistent and structured process for assessing and vetting borrower profiles to figure out if a borrower’s collateral is really worth its alleged worth. To that end, here are four tips to help hasten your home loan approval.
Provide Every Single Document Request
Perhaps the most common reason that slows down the mortgage approval process is due to borrowers failing to give lenders the necessary paperwork they need.
You need to find out what documents you need to give the lender, and if they request for more paperwork, you have to drop everything and send it to them as fast as you can.
Don’t Keep Secrets or Lie to Your Lender
The vetting process for home loans is extremely exhaustive so if you’re thinking of covering up a significant debt or something similar to increase your chances of getting approved for a mortgage, JUST DON’T.
Tell your lender everything as early on as possible so that they could determine whether you just have to fix something or if your past misdeeds just won’t cut it.
Tie Up Every Single Bit of Loose End
Virtually every loan commitment comes with specific conditions that are essentially more information and paperwork. Whether it’s proof of insurance, a photocopy of a check for a previously canceled down payment, accept the fact you’re nearing the finish line.
These conditions are all that’s standing between and your dream of homeownership, says Primary Residential Mortgage, Inc., an experienced and reliable mortgage broker in Portland.
So while you could only do so much to help move the approval along, these will get rid of all those unnecessary delays that could significantly bog down your approval. And in the unfortunate event that you fail to satisfy the lender’s qualifications, don’t beat yourself up over it.
Consider it as your motivation to fix your credit and overall finances.