Weeks of preparation have led up to this moment, and now your fate is in the hands of a mortgage banker. Did you do everything right? Will you be rewarded with the money to finance a new home, and start the next chapter of your life? There’s a lot riding on the mortgage application, and if you can’t stand the thought of waiting for an answer here are some ways to help move the process along:
Having all your documents in order is the number one way to expedite the approval process. If you are hoping for quick turnaround, you will get a fast answer by providing an orderly submission. A significant amount of time can be wasted if mortgage bankers have to reach out and make contact to ask for follow up documents.
You may think your credit is in the clear after that initial inspection, but many applicants make the mistake of unusual spending and get denied on their mortgage just before closing. Be mindful that your credit activity will be monitored throughout your application period, often with a final last-minute check days before closing.
The best weapon in this process is a realistic mindset regarding the outcome of your mortgage application. Don’t put yourself in a bad position when it comes to getting approved. For example, don’t shop for houses before you get your loan solidified. If you do, you’re sure to feel rushed and maybe even watch the house of your dreams slip through your fingers because you started looking before you could make moves on a home.
Are you wondering what to expect from the mortgage application process and timeline? Click here to get more tips about mortgage bankers from our team of pros at Midland Mortgage.