Whether you are opting for a short term loan, a personal loan, or a business loan, the lender will evaluate your profile and make sure that the value of the collateral as declared by the borrower and its market value match. The process is usually time taking, and there is little you can do to increase the speed at which your file moves from one department to another. However, what you can do is take measures to avoid unnecessary obstructions and extra steps that result in delays. Let’s look at some of the ways to speed up your mortgage approval process.
Avoid holding back any material or immaterial information
Lenders hate surprises. Banks and other financial institutions have several ways to check the info provided by you. Follow the principle of full disclosure and reveal everything there is to know about your credit history. If you took a loan in the past and weren’t able to pay EMIs due to a solid reason such as medical exigency, then instead of trying to hide the info from your lender, tell them about the emergency.
Become friends with your processor
Once you formally apply for a loan, a processor will be assigned to handle your case. The professional will perform important roles such as verifying your documents and arranging for property appraisal. The processor links the lender, the appraiser, the closer, the loan originator, and the borrower. To track the status of their application and get other important info, the borrower must take steps to establish a cordial relation with the processor. As soon as the borrower finds out who the processor is, they must call them and introduce themself. They must also extend their cooperation and assure them of providing necessary assistance.
Close negotiations with the seller early on
Issues can arise between you and the seller after property inspection. This can result in post contract negotiations that can drag on for weeks. When at last, you and the buyer arrive at an agreement, you will have to get signatures of all the parties on the contract addendum, which may further take weeks. To avoid delay, rather than leaving the task for the end, close negotiations with your seller early on.
Final few words
Though established lenders offering best personal loans will try their best to close the deal, you too must be prepared to take these steps to speed up the approval process. Get a list of documents that you need to submit and double check your application file at the time of submission to ensure it is not missing any important papers.