5 Tips to Minimize Delays in Your Home Mortgage Application

If you need a home mortgage application to be approved quickly, you will mostly be at the mercy of the lender. However, there are some small tips you can try to assure your loan is processed as fast as possible and you can close on your home promptly.

#1 Prevent Errors

The first tip is very obvious: avoid any errors in your application. Small errors, like listing the wrong digit in a phone number can delay the application. Once you have completed the application, go through to make sure every single item is filled out as accurately as possible. If you are not sure about the exact timing of a previous loan, for example, do not guess. It is worth the extra time on the front end to get the loan pushed through faster.

#2 Provide Proof of Income

You cannot typically provide stated income on a mortgage application. This means you have to give actual proof your income exists, and the mortgage lender will want this proof to be as certifiable as possible. The best option is a tax schedule. While many people could forge paycheck stubs and other documents, a tax schedule is impossible to forge and also shows your income for an entire year.

#3 Apply Online

Online applications tend to be processed faster. You should note: they may leave less room for negotiating a mortgage after an initial quote. In fact, most people who need mortgages quickly will not spend much time negotiating. However, if the most important thing to you is fast approval, then skipping negotiations may be one route to take. Applying online is only faster if you treat it as carefully as you would a paper application. You may still need to scan in forms in order to complete the entire process.

#4 Communicate Time Expectations

With most applications, you can communicate the fact you are looking to move the process along quickly. Some lenders may even offer to expedite the loan process if you are willing to pay a fee. This fee can be minimal, but it does come at a time when you are already spending a lot of cash. It never hurts to ask the lender what can be done to source your loan quickly, though. This is a particularly good option for very high credit borrowers that lenders will compete over.

#5 Apply at FHA Approved Lenders

If you are looking to gain an FHA mortgage, you will find there are a lot of delays in the process. The best way to minimize the time spent in application processing is to apply directly with an FHA approved lender. These lenders have the authority to approve you for an FHA loan without requiring a separate application process. You should note the qualifications for FHA mortgages are often higher than those for standard mortgage loans. If you meet these qualifications, it will be faster to apply entirely in one place instead of getting the private loan first then applying for the guarantee later.