Tips to Speed Up the Mortgage Process

If you are trying to close quickly on your dream property, you may be looking for ways to hasten the mortgage process. Plus, the sooner it is done, the sooner you can start moving in and getting started with the next phase of your life. There are a few simple, reliable ways you can keep the mortgage process moving forward. Here are our recommendations.

1. Have your documents ready to go. When applying for a mortgage, you will need to provide a primary identification document, a secondary identification document, proof of your income, poof or your assets, documentation of your liabilities, and info about your overall finances. If you have these documents all ready in advance, that will save you some time.
2. Create written explanations for any sticky issues. If you can foresee anything that might become a snag in the mortgage process, have a clear, detailed, honest explanation written up in advance. For example, you could write a letter to explain fluctuations in your income, or a major career change, or a recent large deposit into your bank account.
3. Don’t do anything weird with your finances. Speaking of large deposits, you should avoid doing anything to substantially disturb your finances until the mortgage process is over, if possible. This is not the time to take on new, significant debt, for example (doing so could have a negative impact on your credit score, which is not what you need right now).
4. Stay communicative. If there is an issue that requires a response from you, and the mortgage company cannot get your attention, the process will be waiting on you before it can continue. So, it is in your best interests to stay as available and communicative as possible from the start of the process through to the end. The more rapidly you can answer questions and provide any requested documents, the sooner the process can move onto the next step. Be sure to talk early on with your mortgage company about the best way to reach you. Let them know if you prefer phone, email or text messages.
5. Work with the right mortgage broker. The right mortgage broker can further speed up the process by networking with the right people to push a loan through when speed is of the essence. This is something that McGowan Mortgages can do in a lot of cases thanks to our well-established relationships with so many banks and lenders. In the video below, you can learn more about how this process works:

Buy a Home Quickly and Easily

At McGowan Mortgages, we know that it is important to you to close quickly so you can move into your dream home. We are ready to do everything we can to speed up the mortgage process for you. We can help you purchase a home or refinance in Missouri or 40 other states. To get started, please give us a call at (816) 631-9687.