How can I get a fast home loan or mortgage?
If you want to improve your chances of securing a fast home loan or mortgage approval in Florida, it’s important to establish yourself as creditworthiness and financial stability before you apply. Obtaining a mortgage is a big decision, and in today’s competitive market, being prepared to make an offer instantly can be the key to success.
Ryan Aceto, Branch Manager of Mortgage Equity Partners Orlando Branch says:
“The best way to get a fast home loan is to start with a fully completed application. If you provide inaccurate or incomplete infomration, it will delay the process. For example, rounding up employment time to two years so you do not have to enter previous employment won’t help. When MEP verifies employment, and it doesn’t match, this could delay the underwriting process and slow the loan approval. Always provide the necessary documentation in the format requested. Today, it is easy to pull paystubs, bank statements, and W2s through your online HR portal or bank website. Please do not send photos of your computer screen or phone screenshots of documents. And finally, answer the declaration section correctly. If you forget to mention bankruptcy, foreclosure, or owing another property, this will come up on a nationwide data search in underwriting and will delay the file or, worse, result in a loan denial or program change at the last minute, you guessed it, delaying your approval.”
Rest assured, all the loan officers on Ryan’s team can guide you through the process and advise you on the best practices when completing a loan application, ensuring you get the fastest approval possible.
MEP has a Fast Track Underwriting program
Fast Track Underwriting puts our borrowers on the fast track to homeownership. All our borrowers need to do is apply for a loan with one of our loan officers and provide all the required documents, and their loan will be expedited to underwriting. MEP guarantees a 24-hour turnaround time on all complete loan files. Having the basics of the loan approval process completed quickly makes your offer more competitive and puts your mind at ease that the basics of the loan approval have been completed.
Here are some other things you can do to increase the likelihood of fast approval:
Financial documents
It is crucial to have all your financial documents to expedite the home loan approval process. W-2s, pay stubs, tax returns, and bank statements should be up-to-date and readily available. You should also have access to several months of required documents.
For a complete list of required documents, download our Mortgage Loan Checklist.
Credit score
Maintaining a solid credit score is not just important; it’s crucial, as your credit history will be scrutinized. Contact the credit bureaus for a copy of your credit report. Remove any inaccuracies, and be prepared to explain anything out of the ordinary in your report. A better credit score can mean lower mortgage rates and significantly speed up loan approval.
Find a loan officer early
Engaging with a knowledgeable loan officer early who can provide guidance and help address any potential issues in your application will help make the application process more manageable. Tackling any problems that may arise in advance is always the best method to ensure fast loan approval.
Credit payments
Keep up to date on your credit payments. Late payments impact your credit score and require an explanation to be submitted to underwriting, which will slow the process. Missing payments could have even more severe consequences related to loan approval.
Don’t switch jobs
Stay current at your job. Any changes in employment could impact your loan approval and eligibility for the loan you originally applied for. If possible, do not change jobs if you must; contact your loan officer immediately with your new employment information.
Be careful of large deposits
If you have a large deposit in your bank account, be prepared to show its source and explain its purpose.
Don’t make large purchases
Don’t make any larger purchases or apply for new lines of credit. Applying for new lines of credit will slow down the loan approval process because your debt-to-income ratio and credit scores may need to be recalculated. Learn more about credit scores and how they work.
Get pre-approved
Getting pre-approved can give you a clearer picture of what you can afford and strengthen your position when officially applying for a home loan. It speeds up the loan approval process because most of the upfront work is already completed. Remember that after you get pre-approved, you may still need time to find a home and get your offer accepted. A mortgage pre-approval is only valid for a limited time. So, to ensure your full loan application is approved quickly, do not let your pre-approval letter expire. Over the course of 90 days, many things could have changed in your personal and financial situation, which is precisely why pre-approval letters expire. You want to keep on top of the expiration date so that when you find your home and are ready to make an offer, your pre-approval is accurate and up to date. Ask for an extension if necessary, and while you are out looking for your home, the underwriter can re-examine your income, credit, and other important information to ensure there have been no major changes to your financial picture.
These tips will help you get a fast home loan or mortgage approval. If possible, complete all these steps before applying. You should work with a Florida loan officer to understand the requirements and prepare the best loan application, even before working with a realtor. Realtors often require a potential homebuyer to be pre-approved before taking them out to see properties. Our loan officers are experts in streamlining the application process.
