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Tracking the Timeline of an Average Mortgage Application

Tracking the Timeline of an Average Mortgage Application

Use these tricks to prevent your mortgage application from dragging on and on.

Filling out mortgage application

When you are just starting the process of a mortgage application, the finish line can seem like a million miles away. Reaching your goal of obtaining the right mortgage will require you to stay on track with a number of different items and deadlines. Having a checklist to organize your mortgage application is one of the best ways to guarantee that you get all the essentials turned in on time.

Meet and Greet: Day One

To get the ball rolling, it’s a good idea to meet with a mortgage loan professional. During this process, your mortgage professional will assess your financial history and compile information based on your credit score, debt, and current income. This is a good time to ask questions about the housing market and articulate the kind of home you want to buy, locations you are considering, and other factors that will influence the loan you want.

Prequalification: 1-2 Days

Getting prequalified for a mortgage isn’t essential, but can be a good first step for those that have questions about their financial profile. This doesn’t mean you will be approved for the loan, but it will give you a specific idea of the type of loan you can expect to be offered. This process should take no more than a day or two.

Approval: Up to a Few Days

Getting approved for the loan you want can take up to a few days. The more organized your information and documentation is, the more streamlined you can expect the approval to be. Some people feel that it’s best to base their timeline on the desired closing day and then work backwards. This will give you ample time to get your application in order with plenty of time for review and approval.

For more information about how to expedite your mortgage application, contact us.

Posted Oct 23, 2014 by Midland Mortgage Corporation