It almost seems impossible to live without credit cards, student loans, car payments, and all…
Our goal is to get your home loan to close as quickly as possible –we know that when it comes to making an offer on your dream home, time is crucial. Did you know that you also play an essential role in making your loan close fast?
Here are the most common causes that delay home loan approval and closing:
#1: Missing Financial Details
We don’t need to know your entire financial history, but we will need to see every detail from the past two years. Don’t worry; we’ll let you know precisely what you need to provide, making sure that everything moves as quickly as possible.
#2: Leaving Out Documentation
The documentation needed for your loan may vary (and we’ll let you know what your loan calls for) but keep in mind that we’ll need the following:
- Tax returns and W-2s from the past two years (or year-to-date financial statements for the self-employed)
- Last month’s pay stubs
- Two months of bank account statements
- Copy of any transactions that exceed $1,000 home insurance quote
- Financial details of any other homes, businesses, or vehicles that you own
- If anything significant pops up when we check your credit, we’ll need documentation for this as well.
#3: Mistaking Pre-Qualified For Approval
Pre-qualified requires minimal information from you. It does not mean your loan is approved, but it give you an idea of how much you can afford. Applying for a loan, getting approved for the loan, getting the underwriting approved are the additional steps that need to happen before your loan is approved and can take the step toward closing. Don’t let this discourage you! We take care of all the heavy lifting and make sure that it moves along quickly. All we need from you is to get the ball rolling by applying for a mortgage.
#4: Not Sharing Details Of The Offer With Us
When you buy a home, the purchase contract will layout certain financial milestones that we need to know about. This includes when your loan approval should be secured and how many days you have to close. If we miss any of these dates, not only will it delay your loan but it could cause you to lose the home!
#5 Making Big Changes to Your Finances or Career
Changing jobs, opening a new line of credit, making big purchases, or loaning your friend 3k to start up their business changes your financial portfolio. This means that adjustments must be made and you may not qualify for as much as you originally were quoted. The application process, essentially, needs to start over –delaying your home loan and delaying closing even more.
There are many more factors that could delay your home loan, things that are out of your control. Rest assured that we will be with you, ready for any surprises, minimizing any unnecessary delays.
Contact us today to partner with a home loan specialist that has your best interest in mind.