Loan Approval Process
Typically the lender is the one that determines how fast the loan process will take but there are some things you can do to help speed up the process. For starters try to find out what documentation the lender requires and gather it before filling out the application. Most of which you can bring when you apply for the home loan. This may help get your application moving a bit more quickly. Here is an example of types of documents and information you will need:
- If you have made an offer on a home you will need the purchase contract
- Bank account numbers and bank addresses
- Last bank statements
- Pay stubs
- W-2 forms
- If you are self-employed you will require balance sheets and tax forms
- Debt information such as loan and credit card account numbers including addresses of your creditors
- Proof of mortgage or rental payments such as cancelled checks
Talk to your lender for a full list of information required and remember to respond quickly to requests for information while your loan application is being processed. It is also a good idea to call the lender from time-to-time and check the progress. During this time it is also helpful to keep notes on your contacts with the lender so that you will have a record of your conversations.
