How can you speed up mortgage approval?

1 Check your credit score

Your credit score is one of the most important factors that lenders look at when deciding whether to approve your mortgage application. A higher credit score indicates that you have a good history of paying your debts on time and managing your credit responsibly. A lower credit score may suggest that you have a higher risk of defaulting on your loan or missing payments. Therefore, before you apply for a mortgage, you should check your credit score and make sure it is accurate and up to date. You can get a free copy of your credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) once a year. If you find any errors or discrepancies, you should dispute them and get them corrected as soon as possible. You should also avoid opening new credit accounts, closing old ones, or making large purchases on credit before you apply for a mortgage, as these actions can lower your credit score and affect your approval chances.

2 Gather your documents

To expedite the mortgage approval process, it's important to gather all the necessary documents that your lender will need to verify your income, assets, employment, and identity. This includes W-2 forms, pay stubs, tax returns, bank statements from the past two years, proof of other sources of income, a copy of your driver's license or passport and social security card, a copy of the purchase contract and appraisal report for the property you want to buy, and a letter of explanation for any gaps in your employment or unusual financial situations. Having these documents ready and organized will help you avoid delays and requests for additional information from your lender. Additionally, it's wise to make copies of these documents and keep them in a secure location in case you need to provide them again or update them.

4 Communicate with your lender

The final tip to speed up the mortgage approval process is to communicate with your lender regularly and promptly. Your lender will likely have questions or requests for more information or documents during the approval process. You should respond to these inquiries as soon as possible and provide the necessary information or documents in a clear and complete manner. You should also inform your lender of any changes in your financial situation, such as a change in income, employment, or credit. These changes may affect your approval status and require additional verification or documentation. By communicating with your lender and keeping them updated, you can avoid misunderstandings, errors, or delays that may slow down the approval process.

5 Here’s what else to consider

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