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Home / Blog / Mortgages / 5 Tips on Closing Your Mortgage Loan Faster

5 Tips on Closing Your Mortgage Loan Faster

September 17, 2014 By Mary Catchur

Couple Viewing, Dreaming, Buying Home
Photo Credit: Mark Moz/Flickr/CC.

After a seller accepts your offer on a house, there are a lot of things to do before you can move in.

To help speed the process, here are 5  things you can do to close your mortgage loan more quickly.

#1 Work With an Experienced Mortgage Loan Originator

A mortgage loan originator (mortgage broker) act as an intermediary between you and the lending institution, and will guide you through the entire mortgage process.

Better and more experienced mortgage brokers are able to move the mortgage process more quickly by staying on top of the loan approval process and ensuring that documents are processed in a timely manner.

#2 Make Sure You Have Money for Closing Costs

Decisions regarding closing costs should be made early in the mortgage process. If you do not have the funds to pay closing costs, you will not be able to close on your mortgage. And if you would like to finance some of the closing costs, this must be arranged from the beginning of the mortgage process.

For more information about closing costs, see our article and video:

  • Article: What type of closing costs should you expect to see when buying or refinancing a home?
  • Video: Closing Costs You Should Expect When Buying or Refinancing a Home

#3 Get Conditional Approval Before Making an Offer

Obtaining conditional approval for a home loan means you have applied for, and received, tentative approval for your loan before making an offer on a house.

If you are conditionally approved for a home loan, your mortgage loan should close more quickly, providing the information and documentation you’ve provided is accurate.

#4 Have Your Documents Ready

Whether you are pre-approved for a home loan or not, it helps to have all required documentation organized for easy access.

Your mortgage broker will help you identify all the documentation you need, which can vary based on your specific circumstances.

For more information about the documentation you will need, see our article:

  • What Should You Expect When Applying for a Mortgage?

#5 Create a Timeline For Repairs the Seller is Obligated to Make

Lenders sometimes required repairs to be made on a house before closing, which can be a matter of contention between seller and buyer.

Repairs, whether required by a lender or a buyer, should be put in the contract, along with a mandatory completion date. That way both seller and buyer are protected, and all parties can be satisfied.

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Filed Under: Mortgages Tagged With: Mortgage, Mortgage Closings

Opinions, estimates, forecasts and other views contained in this page do not necessarily represent the views of Marimark Mortgage or its management and should not be construed as an offer to provide financing at the rates or terms mentioned. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval. Although Marimark Mortgage attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. Information from this page may be used with proper attribution.

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