Getting a quick mortgage approval in this hot Tooele market is key to being able to get your offer accepted. A sharp sellers agent is not going to encourage their home seller to even look at any offer that is not accompanied by approval from a legitimate mortgage lender.
Many Tooele County listings are getting multiple offers within hours of showing up on the MLS. Many sooner (before the house shows up online) if the agent has a strong social media presence. Serious buyers can’t afford to have their offer end up in the waste basket simply because other buyers have shown that they are not only ready, & willing, but able (to get to closing with funds for settlement) with proof in hand.
The Do’s and Don’ts of Getting Approved for a Mortgage Quickly
If you’re ready to buy a home, getting approved for a mortgage is a critical step that you can’t skip or rush. And although it may seem like the lenders can be a bit arbitrary in their approvals, there’s actually a detailed set of criteria they look for when approving or denying an application.
So how can you ensure your mortgage gets approved quickly and without any hassles? Here’s what you need to know.
Do: Have All Your Documents In Order Right Away
Processing the paperwork on a mortgage approval is one of the most time-consuming parts of getting a mortgage. And if you forget to include a form or fill something out incorrectly, it may take your lender days or weeks to sort out the problem. So before you go to your lender to get approved, make sure you have all of the necessary documents and that they’re all filled out correctly – it’ll save you a great deal of time later.
Don’t: Accept A New Job Or Start A Business While Closing
Once it comes time to close on your mortgage loan, you’ll want to keep your finances as consistent as possible until after the closing. Any change to your financial situation can throw a wrench into the approval process and delay your loan. If you’re planning to quit your job to start a business, accept a new job, cut back your hours, or go on parental leave, wait until after the home sale closes.
Do: Get Pre-Approved With Your Lender
One simple thing you can do to greatly speed up the approval process is get pre-approved. If you’ve already been pre-approved for a mortgage through a certain lender, then securing a mortgage through that lender will be a very smooth process – and in some cases, a pre-approval can speed up your mortgage approval by a week or even more. With a pre-approval in hand, the only issue that remains to be settled with the lender is providing them with your new home address.
Don’t: Co-Sign A Loan For A Friend Or Relative
Any major purchase or new debt of any kind will read as a serious red flag for your lender, one that will take time to sort out. Your lender will do a second credit check just before closing the mortgage, and any new loan amounts can delay or stop the approval. So if a friend or relative asks you to co-sign their loan, wait until after your mortgage is approved.
Dont Just Take My Word For It
Here are other opinions about getting pre approved for your home purchase. They are not exactly written about getting a quick mortgage approval in a hot Tooele market, but will certainly support the need to get all the stuff ready to go.
All of these posts have been written by professionals that track real estate trends on a daily basis.
Apr 10, 2017 … While shopping for a home may be pleasant, serious buyers need to start the … Understand the mortgage pre-approval process and why getting a pre-approved mortgage is important for…Read More…
The best thing you can do to ensure a smooth mortgage application process is to prepare yourself before you even get pre-approved. Here’s how.Read More…
Getting approved for a mortgage can seem challenging, but by following a few simple rules, you’ll make it easy for your lender to sign off. For more mortgage approval advice, contact your local mortgage professional today. If you don’t know what lender to use, give me a call, Berna Sloan 435-840-5029. I can recommend a few to check out. I only provide a few names of local loan officers. I believe that over the years those lenders that are familiar with the area have done the best job for my clients. I’m pretty picky!
Give me a call, I’d love to help you with your real estate needs. I know a lot about homes for sale in Tooele County, and the importance of getting quick mortgage approval in hot Tooele market.