What Is a Fast-Track Mortgage?
Potential borrowers who are researching and comparing the various types of mortgages available to them may want to learn more about fast-track mortgages. A fast-track mortgage allows potential borrowers to speed up the mortgage approval process. Generally, mortgages can take up to 12 weeks for approval in Australia.
Fast-tracking a mortgage is a great way for potential borrowers to increase their chances of quick approval for their desired mortgage loan. There are countless ways a potential borrower can begin fast-tracking their mortgage before they even apply.
Saving for a larger deposit is a great way to begin fast-tracking a mortgage. When a potential borrower applies for a mortgage loan, their mortgage lender will generally require a deposit of 15% of the property’s purchase price. Saving for a larger deposit can allow a borrower to boost their chances of quick approval, increase their borrowing power, and decrease their Loan-to-Value Ratio (LVR).
Another way to begin fast-tracking a mortgage application is by paying off and decreasing any existing debts. When a potential borrower applies for a mortgage loan, their mortgage lender will perform in-depth checks on their financial history. Paying off debts can also indicate to a mortgage lender that the applicant is financially responsible for making the required mortgage repayments.
Potential borrowers can also fast-track their mortgage by ensuring they have all of the required documents prepared and verified to be up-to-date.
If you have any additional questions about fast-tracking a mortgage, reach out to Mortgage House for specialized assistance.