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If you want to buy a home, the lengthy approval process can seem daunting. Even in today’s digital age, home loan applications require a lot of paperwork to be submitted and reviewed by the lender. Because let’s face it, the housing market is tough for just about everyone and no one wants to wait weeks, let alone months, for their home loan approval.
If you really want to buy a house as soon as possible, it is important that the approval time is as short as possible. Fortunately, there are ways to reduce the time it takes to get your home loan approved and start the process so you can move into your new home as quickly as possible. The first thing you need to do is check off your to-do list. Make sure you’re ready for the home loan process. If you’re not, the time it takes to get that home loan is only going to be longer and more stressful. Here are some key strategies to reduce your home loan approval time.
Maintain good credit
A good CIBIL, or credit score, is essential for the quick approval of a mortgage loan. Here are some tips to help you improve your score:
Look around to find the right lender
Not all lenders have the same policies. Some may approve your loan faster than others. The best way is to get pre-approved for a home loan, which means your lender has already reviewed your credit history, income, and other factors and decided you’re good enough to get a home loan. This means you already have an idea of how much you can borrow, and it simplifies the process when you’re ready to apply for a loan.
There are a variety of home loan options on the market right now. So as you prepare your application, research the best mortgage rates and study each lender’s approval time. This will ensure you get the best possible deal and improve your chances of getting approved for a home loan.
Make a larger down payment or higher margin contribution
If you’re hoping to get approved for a home loan quickly, one of the best things you can do is try to make a larger down payment. Lenders typically expect a down payment of 20% or more, so if you can change it, that’s the way to go. Not only does this increase the chance that your loan will be approved, but it can also help you get a lower interest rate. But of course, coming up with a 20% down payment can be challenging, especially if you’re a first-time homebuyer. If you don’t have this type of cash available, you may need to look at other options. A joint application with a spouse may be a possibility.
Line up your financial ducks
Before you even begin the home loan approval process, make sure you have your financial ducks lined up. This means that your credit rating is good, you have all the necessary documents and information on hand, and you are open about your income, debts, and assets.
Before you start your application, make sure your credit report and score are accurate. Keeping your credit score clean will allow you to get a low-interest rate on your home loan. Your income must be stable and constant. If you are self-employed, you will need to prove that you are on the right track to continue generating income for the foreseeable future. The more information they have, the faster they can process your loan. The more prepared you are, the faster the home loan process will be.
Conclusion
The housing market is tough for just about everyone these days. Getting the perfect home loan and following through on your homeownership plans won’t be easy. So how can you shorten the time it takes to get that home loan? Make sure you’re ready by checking off your to-do list. Evaluate your EMI affordability before you apply for a home loan, make a higher down payment and improve your credit score. Here are the best ways to reduce your mortgage loan approval time and become a homeowner.