What Is the Best Way to Get a Mortgage Loan Approved?
The average mortgage loan approval process takes between four weeks to three months. Plus, it requires stacks of financial documentation and a fully completed application. Mortgage House outlines a few steps for a faster mortgage loan approved letter.
Know Your Credit Score. Lenders take a look at credit scores in the overall mortgage application evaluation process. If they can’t approve the application outright, they might use the score to make a decision one way or another. Thus, enter the process knowing your score. Moreover, review your report. If you find errors, work to fix them.
Save for the Deposit. Conventional mortgages require a 20% deposit. The deposit ensures that homebuyers have skin in the game. Plus, it lowers the loan-to-value ratio for the lender. Most prefer an 80% LVR over 90% or 100%.
Keep Your Job. Leading up to the application process, homebuyers must show that they have stability on their side including employment. This is not the time to make drastic career changes.
Pay Down Revolving Accounts. Those who have revolving credit accounts benefit from paying down the balances. Plus, never max them out.
Explore a Calculator. To obtain a view of your finances through the eyes of lenders, use an online calculator. For example, you can try our Mortgage House home loan calculator for free and with no strings attached.
Mortgage Loan Approved Conclusion
Most homebuyers seek the best way to obtain a mortgage loan approved letter faster. Mortgage House helps homebuyers become homeowners. Contact our team of loan specialists to start the process.