Another way for a home buyer to speed up loan process is to pre-qualify before he or she goes house-hunting. In recent years, mortgage lenders, real estate agents, and financial planners, all have endorsed pre-approval or pre-qualifying.

It only makes sense to figure out how much home you can afford before you begin to plan your house hunting. “Consult with a real estate expert, an attorney or broker to help with this process,” suggests Bob Krieff, chief operating officer for Breakstone Homes.

It’s a good idea to have all necessary documents on hand. Some of documents a lender will request include following items: • Recent paycheck stub. • Two years of income tax forms (if you are self-employed). • A copy of your bank statement, usually for two months. • Verfication of deposit (from a bank showing you have necessary down payment in your account). • Any other documents lender may need, such as proof that you have paid off old loans that may show up in your credit report as unpaid.

As with any major transaction, complications could surface which could preclude a home buyer from purchasing a home in time for Christmas.

These might include credit problems (a poor credit score), tax liens, unavailability of sufficient funds for down payment, and insufficient or inaccurate information provided to lender.

“If buyer purchases a completed home, only thing that can complicate closing is mortgage process,” said Diana Ibarria, senior vice president of sales and marketing for Westbrooke Companies, Inc.

Rita Roig, director of closing for UAMC, Lennar’s mortgage company adds, “Buyers must make sure that information they provide on application is accurate. Being honest facilitates a quicker process, and a possible denial can be avoided.”

Finally, some area developers offer a variety of incentives to buyers moving in by Christmas, including qualifying for Homestead exemption if buyer closes before year’s end.

“Builders always like to end year with additional sales, especially during a traditionally slow month,” says Krieff.

Amy Young is a freelance writer based in Palm Bay, FL She can be reached at LadyWriter0227@aol.com URL: www.young-impressions.com

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