One of the frustrations customers have during the loan process is the amount of paperwork and the amount of time it takes to make it through the approval process. While most of this is beyond your control there are some things borrowers can do to help speed up the loan process.
The first thing you can do to speed up the loan process is be prepared with all the necessary paperwork beforehand. The documents you will need when submitting your loan application include:
- Two years of W-2s
- 30 days of paystubs
- Your previous address for the past two years
- The name of your landlord or mortgage company
- The name and address of employer for the past two years
- The contract of sale
- Your banks names, addresses, account numbers, and balances, along with the last two 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.
- Check for application fee
- If self-employed: last 2 years tax returns with schedules, YTD P&L balance sheet
The second thing you can do to speed up the loan process is be up front about your finances. Omitting information can result in an unnecessary delay in the approval process. When your loan officer builds your package of loan files to submit to the underwriter there may be additional documents required from you. Be as efficient as possible and work with your loan officer to ensure you are providing the correct documentation to ensure a speedy approval.