Preparing to make your first home purchase? If so, then one of the most important steps of the buying process will be getting approved for a mortgage. More than likely, if you're well into the home-shopping process, you've already been tentatively pre-approved for a mortgage. Before you can close on your new home, however, you'll need to solidify yoursame day loan approval with your lender--which can sometimes be a lengthy process.
Fortunately, there are a few steps you can take to speed up your mortgage approval and expedite the closing process so you can get the keys to your new home as soon as possible.
1. Know Where You Stand Ahead of Time
Start by having a solid understanding of what your credit is like, as this will be one of the key determining factors in your mortgage approval. If you haven't done so already, now would be a good time to pull a recent copy of your credit report and check for errors. If there are any errors, be sure to file an official dispute with the responsible credit-reporting bureau so they can be resolved as soon as possible.
2. Be Prepared to Submit Documentation
You'll need to submit all kinds of documentation to your loan officer before your mortgage can be officially approved. Pay stubs, prior years' tax returns, bank records, and other proof of income are key to your approval, so be prepared by having copies of these documents scanned and saved onto your computer.
3. Keep Your Finances Consistent
One of the biggest mistakes prospective homeowners make is opening up new lines of credit or maxing out existing lines of credit before their mortgage application is approved. Any major changes to your finances prior to your official closing may be flagged by your lender and ultimately result in your approval decision being reversed, so hold off on those big purchases until after you've got your house keys in your hand!
4. Don't Try to Hide Anything
Last but not least, be open and honest with your loan officer throughout the application and screening process. Trying to cover up past financial bruises will be a fruitless endeavor and will likely only cause more problems when it comes to getting your loan approved.
The process of getting officially approved for a mortgage can seem never-ending, especially as you're waiting in anticipation to close on your new home. By following these tips, however, you can get approved in no time.
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