How To Speed Up The Mortgage Process

Want to speed up the mortgage process? Take these tips and learn the easy way to expedite your loan.

It is important that at this point, you have already finalized your mortgage loan application.

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

Make sure you respond and submit promptly additional requests for information while processing is taking place.

Delays in the mortgage loan processing may be due to uncollected commonly requested items during the application. Review your checklist which may include the following:

• The final purchase contract 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 loan processor collects all the above information before forwarding it to the underwriter. Thereafter, an underwriter reviews all the information in your loan file to determine if the application meets the lender's guidelines.

If approval is met, the lender should give you a letter of commitment, which is a promise from the lender to grant or provide the loan based on their specific terms and conditions.

It's the familiarity of knowing the basics of loan processing that will help you help the mortgage company accelerate your loan approval.

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