How To Get A Mortgage Quickly

When you’re looking to secure a home mortgage quickly, whether it’s for a first-time purchase or a refinance, understanding the process and finding the right lender is key to getting approved without unnecessary delays. Here's how you can approach it and who to turn to for a fast mortgage approval.

### 1. Understand Your Financial Situation

Before reaching out to any lenders, take a close look at your finances. Mortgage lenders typically require a few key factors to evaluate your application:

- Credit score: Most lenders require a credit score of at least 620, though the best rates are often offered to those with a score of 740 or higher.

- Down payment: Conventional loans typically require a down payment of at least 3%, while FHA loans may be as low as 3.5%. Having a larger down payment can help you secure better terms.

- Debt-to-income (DTI) ratio: This ratio compares your monthly debt payments to your income. Lenders generally look for a DTI under 43%.

- Employment history: Lenders want to know that you have a stable income. Typically, two years of employment history is ideal.

### 2. Gather Required Documents

To speed up the process, have your documents ready. These typically include:

- Proof of income (pay stubs, tax returns, etc.)

- Bank statements

- Proof of assets (e.g., retirement accounts)

- Employment verification

- Government-issued ID

- Credit report (you can provide this yourself or the lender may pull it)

The quicker you can provide these documents, the faster the lender can process your application.

### 3. Shop Around for Lenders

You have multiple options when it comes to finding a home mortgage lender. Here are some common types of lenders:

#### Banks and Credit Unions

Traditional banks and credit unions are one option for securing a mortgage. They often offer competitive rates but may have more stringent approval processes. If you already have a banking relationship with a bank, it might be quicker to apply with them, as they have access to your financial information.

#### Mortgage Brokers

Mortgage brokers are intermediaries that work with multiple lenders to help you find the best rate. They can speed up the process by streamlining the application and working with lenders on your behalf. Mortgage brokers often have relationships with both traditional lenders and non-bank lenders, which can give you access to a broader range of loan options.

#### Online Lenders

Online mortgage lenders are growing in popularity due to their efficiency and speed. They typically have simplified application processes and can provide you with pre-approvals within hours. Some popular online lenders include Rocket Mortgage, Better.com, and SoFi. These lenders often have competitive rates and can close faster than traditional banks, sometimes in as little as 10-14 days.

#### Direct Lenders

Direct lenders, such as Fannie Mae or Freddie Mac, offer loans directly to consumers without involving middlemen. If you are looking for a more straightforward path, working with a direct lender might be faster since there’s no third party involved.

### 4. Apply for Pre-Approval

Once you’ve decided on a lender, start by applying for pre-approval. This is a conditional commitment from the lender that outlines the loan amount you can afford and the terms. Getting pre-approved can give you an edge in competitive real estate markets and speed up the final approval once you’ve found a property.

### 5. Use a Mortgage Calculator

To figure out how much you can afford, use a mortgage calculator. This will help you estimate monthly payments and choose the right loan amount. It also gives you insight into different mortgage products, such as fixed or adjustable-rate mortgages, to find the one that best suits your needs.

### 6. Complete the Application Process

Once you’ve found a lender, complete the application process. Be prepared for a credit check and to answer any additional questions the lender may have. After you submit your application and all required documentation, the lender will process your request and may provide a loan offer.

### 7. Close the Loan

After receiving a loan offer, you’ll need to review the terms, sign paperwork, and then close the loan. The closing process can take a few days, depending on your lender, but with a fast lender, you may be able to close quickly—sometimes within 10 to 30 days.

### Conclusion

Getting a home mortgage quickly requires preparation and selecting the right lender. Start by understanding your financial situation, gathering your documents, and shopping around for the best lender—whether it’s a bank, mortgage broker, or online lender. The quicker you act, the faster you can move through the process and secure your new home.