You might think submitting the mortgage application itself is your biggest hurdle, but the stress has only just begun.
The waiting game is agony when it comes to mortgage applications. You have painstakingly collected all your income and debt materials over the last month, shopped around for the perfect mortgage lender, polished that financial profile until it shines, and maybe even zeroed in on a property that you love. But now, the decision is out of your hands and as the days tick by, you begin to feel more powerless than ever.
This is a common scenario for many hopeful homeowners – nervous and excited and, most of all, impatient. But if you go into the application process with a realistic timeline (the entire process can take a month or two), then you are more likely to save yourself some heartache in the lonely hours leading up to judgment day. Oh, and don’t forget these key tips to expedite the process a little:
- Contact a Loan Officer. Schedule a meeting with a mortgage loan officer to get some preliminary info about your credit score. This will help orient you in the mortgage process, acquaint you with the terms you can expect to accompany any loan you are offered, and lay out credit building tactics you can pursue if your financial profile needs improvement.
- Get Pre-Approval. Getting pre-approved for a loan before you start home shopping will make the process a bit quicker if you do find a property you want to make a move on. Knowing the general loan amount that you qualify for will make is easier to find a house in your price range.
- Expect Processing Time. After submitting your mortgage application for approval, most hopeful borrowers can expect to wait a week or two before they hear some kind of definitive response from their lenders.
Click here to get more information about the wait time for your mortgage application from our friendly team of experts at Midland Mortgage.