While the lender has the greatest role in how fast your loan application is processed, there
are certain things you can do to speed up its approval, such as providing the following
documents in a timely manner:
- The purchase contract for the house (if you don't have the contract, check with your
real estate agent or the seller).
- Your bank account numbers, the address of your bank branch and your latest bank
statement, plus pay stubs, W-2 forms, or other proof of employment and salary.
- If you are self-employed, balance sheets, tax returns for 2 to 3 previous years, and
other information about your business.
- Information about debts, including loan and credit card account numbers and the
names and addresses of your creditors.
- Evidence of your mortgage or rental payments, such as cancelled checks.
- Certificate of Eligibility from the Veterans Administration if you want a
VA-guaranteed loan. Your lender may be able to help you obtain this.
Tip
Be sure to respond promptly to your lender's requests for information while your loan is
being processed. You may also want to call the lender and real estate agent occasionally to
check on the status of your application. It is also helpful to keep notes on your contacts
with the lender so that you will have a record of your conversations.
This information is adapted from "A Consumer's Guide to Mortgage Lock-Ins" published
by the Federal Reserve Board and the Office of Thrift Supervision.
|