Two Keys for a Fast Mortgage
You may have heard the horror stories about how a friend or family member applied for a mortgage they needed fast only to wait weeks or longer to find out they were not even approved. This does not have to happen to you because there is a fast track to mortgage approvals if you just know a few tips.
1. First you need to work with a mortgage professional who understands how to do a fast mortgage approval. Do not just ask how long their underwriting times are – ask how fast they can close a mortgage from application to closing table.
2. You also need to have all of your necessary documentation available so the loan officer can approve your mortgage faster. If you have to dig for your tax returns, W-2 forms, pay stubs, bank statements, and other required documentation you personally can turn a fast mortgage process into a very slow one. If you know there are challenges on your credit you will need to work closely with the loan officer to make sure all issues are resolved before expecting a fast mortgage. Delays like these are not uncommon and it is those applicants who are the most prepared and who follow the advice of the mortgage professionals who end up with fast mortgage closing.
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Nice to read your blog
Big fan of the site, a variety of your articles have seriously helped me out. Looking towards posts!
Dear Siskiyouguy,
I know what you mean, There are 4 main factors that are used today by underwriters to determine a mortgage approval. These factors help a mortgage underwriter understand the borrower’s qualification level.
I look forward to your next post
Dear Siskiyouguy,
Thanks, on a related note, My husband informed me today that he has someone coming to look at our house to buy it. I knew we both agreed to sell it in the future (after he finished some repairs) but I had no idea he was going to do so this fast. He flat out told me that he is going to take the first offer, no matter how much it is, as long as it equal to or high than what we own. The thing is, it’s worth two times what we owe, and I don’t want to be ripped off. Since my name is on the mortgage too, he cant sell it without my approval, can he?
Regards