Speed Up The Loan Approval

Your lender plays the biggest role in how long it takes to process your application. However, there are some things that you can to decrease the time that it takes to approve your application. You should ask your lender what types of documents and information they would need from you.

Most of the mandatory information and documents that your lender requires from you can be given to your lender when you apply for the loan. This should help to more along the application process quicker. When you meet your lender for the first time, do not forget to bring the following documents with you:

• The purchase contract for the house. However, if you do not have a contract it would be wise to contact your real estate agent.
• Bring bank account numbers, the address of your bank branch and your latest bank statement, pay stubs, W-2 forms, and/or other proof of employment and salary. This is done so that the lender doesn't have a problem or any difficulty checking your financial situation.
• If you are self-employed be sure to bring balance sheets, tax returns the last two or three years, and any other relevant information about your business.
• Provide the lender with information about debts, which should include loan and credit card account numbers and the names and addresses of your creditors.
• Provide some kind of evidence about your mortgage or rental payment such as cancelled checks.
• Certificate of Eligibility from the Veterans Administration if you want a VA-guaranteed loan. Your lender may be able to help you obtain this.

If your lender requests any further information while your loan is being processed, you should bring the information your lender needs immediately because if you don't then this will slow down the process. Also, it is a smart idea to call your real estate agent and lender sometime to check on the condition of your application and to suggest that you will contact other parties, such as employers, that will need to give additional information for your loan. It also helps to keep notes on the conversations that you have with the lender so that you can keep track of what you two discussed.