17 Oct 2021

What is the Best Way to Speed Up My Home Loan Approval?

It takes between four to six weeks for a lender to approve a home buyer’s mortgage application. It’s possible to speed up my home loan approval. You simply need to complete the following steps before applying.

Understand Your Borrowing Power. Purchasing a home is an exciting endeavor. When you view homes, it’s easy to start picturing yourself in your dream home. However, if you’re financing your purchase, it’s important to manage your expectations. 

Mortgage House offers all homebuyers free access to the online home loan calculator. It allows you to gauge your borrowing power based on your current financial situation.

Gather Your Financial Documentation. All lenders request payslips, bank statements, and credit score information once a month during the application process. If you have these documents handy, it helps speed up the approval.

Reduce Your Debts. Your borrowing power increases with low monthly expenses. In addition, it helps to provide a 20% down payment upfront. The less risk you pose, the faster you can receive a pre-approval.

Completely Fill Out the Application. A loan specialist contacts the homebuyer throughout the mortgage application process. A complete application helps the process move faster. If the loan expert backtracks, it delays the work that other departments, such as the underwriting department, must complete. 

Speed Up My Home Approval Loan Conclusion

To speed up my home loan approval, speak with our Mortgage House loan specialists. If you organize your financial situation and documentation before applying, you’re on your way to becoming a homeowner sooner.

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