Mortgage lending is a very competitive industry. Lenders will sometimes promise home buyers that they can speed up the process. While they can cut a few days off of the process, it generally takes 30-45 days to close. To expedite the process somewhat, they can speed it up by scheduling appraisers, home inspectors and underwriters. There are some things you can do on your end to help cut down on the time is takes to close.
Get a handle on your credit
Having good credit is beneficial for so many reasons. Obviously, you'll need to meet a lender's credit benchmark in order to even qualify for financing. You're more likely to qualify for a more competitive rate and term if you have higher credit scores. It also saves time because you'll spend less time producing documentation and explaining some of the bad things that may appear. It's important to pull your credit reports and credit scores so you’ll know what’s there and what you can clean up.
Respond quickly to requests
You'll be asked to supply things such as tax returns and documentation from your employer. Ask your REALTOR® what your mortgage lender will need.
Buy a house that meets requirements
Federal Housing Administration and VA loans have standards and requirements that must be met in order to qualify for a loan. Make sure to ask your REALTOR® if your home meets those standards.
Don't add any new credit
Don't buy a car, boat, or make any other large purchase that can change your credit score. Don't even apply for a new credit card at a department store.
Find the right lender
Specialized products like government-backed Veteran Affairs and United States Department of Agriculture home loans require different knowledge. Make sure to ask about their turnaround times on loan files and the average number of days from contract to close.
Be sure to talk to your real estate agent about what you should and shouldn’t do to speed up the mortgage process.
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