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New Home Loan - 3 Tips To Speed Up The Mortgage Loan Approval Process
By: Carrie Reeder
Imagine this: you’ve found the perfect house, and feel lucky because the
interest rates happen to be at an all time low. So you submit your mortgage loan
application, and then…wait. The next week, interest rates go up a point, but
you’re still waiting. Another point would mean a significant amount in the
monthly payment you will pay, and you groan when you open the newspaper and find
that indeed it has gone up again.
Can this be avoided?
Luckily, there are some steps that you can take to speed up the process of your
loan application! Here are a few suggestions.
First of all, if you haven’t yet started shopping for your new home, you should
consider shopping for a home LOAN before the home. It is possible to be approved
for a mortgage loan before you ever find your home, and this will accomplish two
things. First of all, it will allow you to lock in an interest rate, which will
completely eliminate the “waiting” game mentioned above. In addition, if a
seller sees that you are pre-approved, he will be more likely to negotiate with
you because he will view you as a “serious” buyer.
If you’ve already found your dream house and still need to get a mortgage loan
approval, there are some steps that you can take to speed up the process.
You should be sure that anytime the mortgage company calls you, that you return
their call as soon as possible, and then provide whatever documentation or data
they need. Remember, if they call you for something that generally means that
they won’t be able to move forward on your loan until they receive it.
Next, you can make things easier for the mortgage company by providing them with
a file containing all of the information that you know they will need—organized
and easy-to-read. For example, you should include your tax returns, income
statements, employment records, credit reports, explanation of bad marks on your
credit reports, bank and investment records, the contract for your new home, all
bank records, and cancelled checks or other evidence of your current mortgage or
rental payments. This will save the time of the mortgage company having to ask
you for all of this paperwork.
Finally, it won’t hurt to call and check the progress every now and then.
Mortgage lenders process thousands of loan applications, and you can make sure
that yours doesn’t sit on the bottom of the stack by calling attention to it
with a phone call.
About the Author:
To see a list of recommended mortgage loan companies online, visit this page:
http://www.abcloanguide.com/mortgageloans.shtml - Carrie Reeder is the owner of
ABC Loan Guide, an informational website with articles and more about various
types of loans.
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