How to Pre-Approve Your Mortgage Faster and Secure Your Dream House


While searching for your next home, it’s important to pay plenty of attention to the real estate market. One of the biggest fears that homeowners face is not having enough time to put a downpayment on a house because the seller’s acting faster than the banks. However, there are just some things you can’t control, such as a mortgage approval. To help you lower your risk of losing your dream home, follow our guide below on how to close your mortgage faster.

1. Have Questions Ready

Even if you’re only shopping around for lender options, you should still have plenty of questions prepared ahead of time that can explain what the lender’s pre-approval process is and what kind of timeline they run on. However, you also shouldn’t hesitate to ask about their interest rates and turnaround times.

It’s important to understand that if your lender’s closing time takes up to 90 days or more, your seller could see your mortgage approval as a liability. Although you may feel more comfortable with a slower mortgage lender, it may not get you the house you want.

2. Get Your Financial Information Together

One of the best ways to get your mortgage process on the right track is to have all your financial information prepared when you start the pre-approval process. This can help cut down on time and show your lender that you are a responsible borrower. Not to mention, this will also help you better determine what kind of price range you can afford with your lender.

3. Make Responsible Budget Decisions

When you’re preapproved for a mortgage, you’ll know how much you can spend, but keep in mind that you may not be able to spend the full price, considering the monthly costs. Besides getting a mortgage pre-approved, you should figure out how much you can actually afford based on monthly payments and your own personal budget. Making a responsible home buying decision will offer you the best return and prevent you from going bankrupt.

4. Make a Serious Offer on a Property

Work with your real estate agent to make a serious offer on a house to show that you are absolute about buying it. Especially on an ever-changing market, you want to present yourself as competitive as possible.

5. Use New Technological Advancements

Nowadays, lenders are using automated and online technologies to receive financial info, accept loan applications, and communicate with client’s banks. All of these new programs help to streamline the process, making it faster than ever. Some lenders allow your bank to directly verify your given financial information or e-sign any and all documents. With online tools, you can shave off a bit of time from a few days to a few weeks. This can be a huge benefit when trying to close your mortgage quickly.

6. Don't Be Afraid to Ask for Help

Though new technologies help to speed up the process, they also limit your human interaction. With these technological advancements, you won't be able to speak with a representative unless you initiate it yourself. They can still offer individual aid, but you will need to ask for it. So don't be afraid to ask for assistance.

You should never sign any kind of agreement if you do not fully understand it. Ask any questions you have as soon as they arise. This will prevent any delays later on in the process. And remember not to feel embarrassed. Questions are expected, especially if you have never obtained a mortgage before.

7. Be Responsive

Your loan officer can call you at any time to request more information, an additional document, or to confirm a certain detail. You can speed up the approval process by answering them as soon as you can. Your loan officer is likely dealing with many pending loans simultaneously. By answering their questions when they are working on your loan, things can do a little bit faster.

Closing your mortgage is no easy process, but with the tips we mentioned above, you should be able to secure your dream home without a hitch. Just remember to be prepared throughout the entire process and act as professional as possible to your lender and the seller.