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Tips for Speeding up Your Home Loan Application


There are many steps in the process of getting final approval of a mortgage loan; even if you’ve gone through a pre-approval process.  Little things can go wrong at each step that slow the whole process down to a crawl.  Speed can be crucial if your contract to purchase has an expiration date for final mortgage approval.  Here are four areas where slip-ups often occur:

  • Check Your Ids for Accuracy
  • Check all Documentation
  • Follow up on Your Employment Check
  • DON’T HIDE ANYTHING

Check all Sources of Identification

You know the point ID system and you know in some states you may need 100 points of ID to get a mortgage.  It will take more than one source to add up to 100 points so it is absolutely essential that you check each form you use to ensure all the information is correct, consistent, and up to date.  Even something as simple as a missing middle initial on one form of ID can lead to further verification and clarification which takes precious time.

Check All Documentation

Go over every document you are required to submit several times.  Make sure addresses, bank account numbers, and information on tax returns are correct and consistent.  If you have had the wisdom to hire a real estate solicitor to help you, get them to earn their money by reviewing these documents before you submit them to the lending institution.  Even tiny mistakes or omissions will result in the documents coming back to you.

Follow up Your Employment Check

It is possible that the employment check required by the lender may not end up where it is supposed to at your place of work.  Most companies route employment checks through their Human Resource Departments.  Make sure you have provided the right contact information for the right person and then follow up to ensure it has been done and is not wandering around the corridors of your workplace in search of the right person.

Don’t Hide Anything

If you’ve had credit issues or even history of certain defaults, you are better off disclosing them right away rather than having them uncovered later in the process.  Reputable lending institutions look for reasons to loan you money.  That’s how they make money.  Many problems can be explained, but only if you are honest about them.
 
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