Let’s Face It….
Even though we tend to dismiss it and not think about it, there is always a small chance of things not going your way during some of the most important decisions in your life. For example, when applying for your final mortgage approval.
Today, we are listing the best ways to minimize the chance of something going wrong and to get your mortgage to the closing table faster than the national average.
Believe it or not, you can close on your mortgage loan in less than 21 days if you know the right steps to do that and secure the right lender to assist you.
4-Step Action Plan to Closing on your Mortgage Loan in 21 days or less…
If you really want to speed up getting your mortgage to the closing table, you need to be ready with financial information and make well-crafted purchase offers to avoid any slowdowns. Below, you can see our step-by-step action plan for making things right the first time.
- Get Pre-Approved
Talk with Family & Friends – Do research on Google Reviews and choose a reputable local lender to help you with your financing. By choosing a local lender, it allows you to drop off important documents and meet in person. In addition, a local lender knows the area and has local contacts such as Realtors, Homeowners Insurance companies, etc. The first step will be to have a phone conversation with the Loan Officer to determine if it will be a good fit and most importantly, a level of trust.
- Make Informed Decisions about Your Budget
At the point when you are pre-approved for a mortgage, you know the maximum amount that you can spend on a new home. It’s a good time to now evaluate your budget and determine the payment level that will fit your comfort level. It’s important to be informed about your budget and see how much you can really afford in monthly payments and your personal maximum budget.
- Securing the Right Real Estate Agent
Work with an experienced and trusted real estate agent and have them help you craft offers that look confident and can benefit the seller (as much as they benefit you). Most importantly, prepare the offers so that they show your seriousness and readiness as a buyer.
What’s also important during this step is to not quit or change your job or open new lines of credit. While making your offers, you must ensure that you are financially stable and without any large purchases or anything that could jeopardize your application.
- Be Accessible during the Loan process
Just like many other applications processes, there are usually details and/or questions that need to be confirmed. Believe it or not, sometimes a fast answer on the phone can shorten your closing for days.
As you can see, getting your loan application processed in a short time requires some effort and patience. The national average for Banks and Brokers for closed home loans is 44 days as of October 2018.
Obviously, the closing times vary depending on the specific situation so if you are trying to get to the closing table faster, follow the tips from above and apply with your lender even before you find a home and get pre-approved.