New Home Loan - 3 Tips To Speed Up The Mortgage Loan Approval ProcessWritten by Carrie Reeder
Imagine this: you’ve found perfect house, and feel lucky because interest rates happen to be at an all time low. So you submit your mortgage loan application, and then…wait. The next week, interest rates go up a point, but you’re still waiting. Another point would mean a significant amount in monthly payment you will pay, and you groan when you open newspaper and find that indeed it has gone up again.
Can this be avoided?
Luckily, there are some steps that you can take to speed up process of your loan application! Here are a few suggestions.
First of all, if you haven’t yet started shopping for your new home, you should consider shopping for a home LOAN before home. It is possible to be approved for a mortgage loan before you ever find your home, and this will accomplish two things. First of all, it will allow you to lock in an interest rate, which will completely eliminate “waiting” game mentioned above. In addition, if a seller sees that you are pre-approved, he will be more likely to negotiate with you because he will view you as a “serious” buyer.
If you’ve already found your dream house and still need to get a mortgage loan approval, there are some steps that you can take to speed up process.
New Home Loan - Understand The Various Types Of Mortgage LendersWritten by Carrie Reeder
So, you’ve decided to buy a house, and you’re ready for that all important next step—applying for a mortgage loan. But where should you go? After all, mortgage business is complex, and you’ve realized quickly that your choices for lenders are immense. Here’s a quick guide to help you understand all of your choices for lenders.
By using a mortgage banker, you will deal with same person from beginning to end of loan process. The mortgage banker makes his money from fees that you will pay for loan, such as points and closing fees. After you’ve closed on loan, you may continue your relationship with same company, or they may sell your loan to a secondary person.
If you don’t have time to loan shop on your own, or have a not-so-perfect credit history, a mortgage broker may be way to go for you. A mortgage broker acts as a middleman between a borrower and a mortgage banker, and generally knows where best deals are, or which mortgage bankers are more apt to grant loans to riskier borrowers.