Property Manager MA: 7 tips to help you sail through your mortgage application
Mortgage applications are not necessarily difficult to get through. It does take time for them to be processed and sometimes they don’t get approved. This can be a problem for those who are looking to buy a new home quickly.
Work on improving your credit score before you start buying your home. If it’s low then take steps to improve it. Pay off your debts, get rid of a few credit cards and pay all your monthly bills on time. This will help accelerate everything for you. The better the credit score is for you, the more likely it is that you will get a good mortgage rate.
Get your Financial Documentation Ready on Time
Don’t procrastinate as you will need all your financial documentation on time in order to get your mortgage. So gather everything on time so that you don’t have to run around finding everything. Keep the last two years of your tax returns, your last two pay stubs, two months of bank statements as well as all your debts in one good folder. If you have any other assets, get the statements for them as submitting them sooner, rather than later will speed up the process for you.
Property Manager MA: Pre-Qualified
Pre-qualifying for a loan is always the best scenario as you get an idea of the mortgage rate you will get and the price range you are looking for. It is also good for everyone as the process is easier. The lender will already have the paperwork they need to expedite the process. The lender also has done your credit, background check and everything else to make sure that you fit their standards.
Surround yourself with the best professionals you can find so that there is no delay in your loan. Get the right mortgage lender, the right loan officer, the right real estate agent and the best home inspector. This will make it easier for everyone and your mortgage process will get through smoothly.
Talk to Employers
Your employers will be the key to you getting your mortgage application processed faster. Mortgage lenders usually send a form asking the employer to verify everything faster. Sometimes employers tend to get busy and the requests are forgotten. The best way to handle this is to talk to them beforehand so that they know it’s a priority and that they should push it through faster.
Respond on time
It helps if you respond quickly to all requests from the lender. So if they require any documents, send it to them as soon as possible so that the process is not held up. The more you make them wait, the longer it takes for your application process.
Avoid Big Purchases
If you are filing a new application, try and avoid taking any new credit or big purchases. This could be a problem for you and delay the process of you buying your new home.
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