What is a Fast Track Mortgage?
A fast-track mortgage is a mortgage approval process that is sped up. For instance, right now, the Australian housing market is hot. So if you find a home you like but go through the usual approval process, the house could be gone by the time you are approved. Here are some ways to speed up your approval process before you even begin.
Save for a Larger Deposit
When banks assess your application, they look at your deposit and how much money you have in savings. If you have a larger deposit and more savings, your application will be processed faster.
Banks want to see you can handle home loan repayments. Having many debts can cause banks to take a while to process your application as they weigh your risk level. Paying off or reducing as many debts as possible before applying for a home loan can speed up the approval process.
Understand Your Credit Record
When you apply for a home loan, banks will check your credit file to see any black marks or defaults. If you do have black marks, your application process could become drawn out. So before you start the process of buying a home, you should check your credit file to see if you have any defaults you can pay off.
Gather all the Documents Beforehand
Lenders require you to submit several types of documentation with your loan application. Making sure all of the documents are complete and current before you submit your application can also speed up the process.
No matter how you try to fast-track your mortgage approval, the best thing you can do is apply with the right lender. At Mortgage House, our approval process takes less time than the competitors. Our extensive panel of lenders allows us to quickly find the right home loan for you.