You Can Hasten The Mortgage Loan Approval Process
Consumers regularly complain about the mortgage loan approval process but do little about it. Many people feel powerless when applying for a mortgage sensing that it can take many days longer to get a loan than needed.
These critical extra days could spell the difference between buying a certain home or saving money on a mortgage loan. So, what if you could prepare ahead of time and shorten the loan approval process? Would you do it? Read on and we'll take a look at much of the paperwork that you will be required to submit in order to receive approval.
To expedite the mortgage loan approval process, the following pieces of paperwork are needed by full documentation loan providers:
Pay stubs for the last month, perhaps longer
W2 forms for the past two years
If you are self employed, your federal tax returns for the past two years; you may also need to include profit and loss statements
If you are retired than letters from your pension provider or social security administration verifying income is necessary
Banking statements to include checking, savings, and certificate of deposit accounts dating back three months
A copy of your latest retirement 401(k) statement as your retirement funds are counted as assets
A gift letter from a family member if any of your down payment funds were gifted to you
A documentation letter for child support or alimony
A copy of your purchase agreement if you have already made an offer
Copies of your social security card and/or driver's license may be required
Gather as much of this information before applying for a mortgage and you can hasten the loan review process. If there are dings on your credit report you may be required to submit additional information in writing explaining the hits against you.
Therefore, it is imperative that you visit AnnualCreditReport.com and order your credit reports and credit scores before applying for a mortgage.
Your rapid response to any and all unusual requests can go a long way in helping you speed up the mortgage review process. Yes, some requests can seem intrusive but you must remember that a mortgage lender is attempting to uncover their risk level when lending money to you.
The higher the risk perceived, the less likely you will receive approval. You can help your mortgage lender out by providing all necessary paperwork quickly and without complaint.
These critical extra days could spell the difference between buying a certain home or saving money on a mortgage loan. So, what if you could prepare ahead of time and shorten the loan approval process? Would you do it? Read on and we'll take a look at much of the paperwork that you will be required to submit in order to receive approval.
To expedite the mortgage loan approval process, the following pieces of paperwork are needed by full documentation loan providers:
Pay stubs for the last month, perhaps longer
W2 forms for the past two years
If you are self employed, your federal tax returns for the past two years; you may also need to include profit and loss statements
If you are retired than letters from your pension provider or social security administration verifying income is necessary
Banking statements to include checking, savings, and certificate of deposit accounts dating back three months
A copy of your latest retirement 401(k) statement as your retirement funds are counted as assets
A gift letter from a family member if any of your down payment funds were gifted to you
A documentation letter for child support or alimony
A copy of your purchase agreement if you have already made an offer
Copies of your social security card and/or driver's license may be required
Gather as much of this information before applying for a mortgage and you can hasten the loan review process. If there are dings on your credit report you may be required to submit additional information in writing explaining the hits against you.
Therefore, it is imperative that you visit AnnualCreditReport.com and order your credit reports and credit scores before applying for a mortgage.
Your rapid response to any and all unusual requests can go a long way in helping you speed up the mortgage review process. Yes, some requests can seem intrusive but you must remember that a mortgage lender is attempting to uncover their risk level when lending money to you.
The higher the risk perceived, the less likely you will receive approval. You can help your mortgage lender out by providing all necessary paperwork quickly and without complaint.