Need to work through the mortgage application process but not too interested in finance as a hobby? Here’s how to speed-up your mortgage application process and reduce down-time:
1. Gather Your Information
Applying for a mortgage requires you to put a lot of information out on the table. Some of the documents you’ll need include: tax returns, pay stubs, bank statements, and proof of homeowners insurance. It is important to begin collecting this information well before you initiate the mortgage application process. Having everything ready will ease your lender’s job as they won’t have to wait for you to gather information or hound after you when something’s missing. Additionally, it is important to practice full disclosure with your lender. The mortgage application process has a tendency to dig up information people neglect to mention, so being up front with your lender can avoid any unwanted surprises.
2. Form a Relationship
An important step towards streamlining your mortgage application process is to form a positive relationship with your lender. Maintaining clear and open lines of communication as well as checking in with your lender regularly will keep you in their mind and reduce delays in the application process. Having a strong and positive borrower-lender relationship benefits both parties, as the borrower leaves the experience happy and will be more likely to recommend the lender to friends and family.
3. Practice Time Management
As a borrower, it is vital for you to manage your time effectively throughout this process. At the end of the day, the process can only move as fast as you do. If at any point during the process your lender needs more information from you, give it to them promptly instead of waiting until the last minute. Make adequate time in your schedule for each step of the process to avoid deadlines sneaking up on you and slowing things down.
4. Avoid Financial Changes
Do your best to avoid any significant changes in your financial situation. Of course certain happenings may be unavoidable, but the time in which you are applying for a mortgage is not also the time to purchase a car or pursue your master’s degree. It’s also smart to avoid depositing large amounts in your bank account or dramatically increasing your credit card spending. Any changes in your financial situation should always be presented to the lender as soon as possible.
Hopefully these tips will help ease your mortgage application process and save you unnecessary stress. Here at Garden State Home Loans, we are committed to servicing all your lending and refinancing needs at a pace that works best for you.