While there are many things that are out of your control in the mortgage approval process there are a few things you can do to speed it up. First off you need to be prepared. This would include getting all of your paperwork in line as well as review your credit score.
Lenders need access to several documents such as your bank statements, pay stubs, and W2 forms to verify income. By preparing these documents ahead of time you can take days off of the approval time.
- W-2 (2 years) and 30 days of paystub.
- Previous address for past 2 years name of landlord or mortgage company.
- Name and address of employer for past 2 years.
- Contract of sale.
- Banks’ names, addresses, account numbers and balances along with last 2 months of statements on all accounts.
- Open loans and credit accounts-names, addresses, account numbers, monthly payments and balances.
- Information on real estate owned mortgage balance, company name and address, rents, value of property.
- If self-employed – last 2 years tax returns with schedules, YTD P&L balance sheet.
Another way you can speed up the time the whole process takes is to be upfront with your lender. Leaving things off your application or altering details of anything can be considered fraud so just be honest and provide as much information as possible. Lenders will be verifying all the information on your application including income and employment.
Lastly you can speed up your mortgage process by getting pre-approved. A pre-approval is like a dry run of the mortgage process so when you are ready to move forward with a purchase you will be even more prepared. Contact me today to get started.