What is a Fast Track Mortgage?
In Australia, the mortgage process typically takes about 12 weeks from start to finish. A fast-track mortgage is a way for you to speed up this process. Usually, fast-tracking your mortgage involves setting yourself up for success before you apply for a loan. Here are some of the best ways to fast-track your mortgage.
Save up for a larger deposit.
Lenders look at your financial situation as they assess your loan application. They will look at your expenses versus your income, but also at your savings account. By decreasing your spending and increasing your savings, you can make yourself a more attractive borrower. In addition, by saving more money, you can put down a larger deposit, which decreases your LVR, making you a lower-risk borrower.
Pay Off Debts and Defaults
Another thing lenders look at when assessing your application is your credit file and financial liabilities. If you have many defaults or missed repayments, lenders may consider you a higher-risk borrower, drawing out the approval process. On the other hand, paying off your debts and defaults, including credit card bills, personal loans, etc., can help show lenders you are financially responsible and will repay your mortgage on time.
Update Your Documents
There are several different documents your lender needs when assessing your loan application. Before submitting your application, request a document checklist. You can use this checklist to make sure you submit all the required documents with your application after ensuring they are up-to-date. Submitting these current documents with your application can cut down on the back and forth, shortening the approval process.
Hire a Mortgage Broker
Working with a mortgage broker is one of the best ways to fast-track your application. Like the ones at Mortgage House, Mortgage brokers can make sure you are in good financial standing. We can also make sure your application and documents are completed and updated. In addition, since we have access to a large number of different lenders, we can help you apply with a lender who is likely to approve your application.