In our competitive local real estate market, homes can sell fast. If you want to keep pace as a buyer, you need to shop for a San Diego mortgage with a quick turn time. While aspects of the process are out of your hands, there are a few things you can do to try and speed things along.
1. Know your own scheduling needs.
For some customers, this may be a given—you may already know the exact timetable you are working with. But if you have not sat down with a calendar and figured out exactly when you want to be moving into your new house, take the time to do so now.
The better you understand your own scheduling requirements, the better you will be able to communicate those needs to a mortgage broker. When you can advocate clearly for yourself, you can find a broker that is willing to work with you to help you accomplish your housing goals on your timetable.
2. Have all of your documentation ready in advance.
When you apply for a San Diego home loan, you will be asked to furnish a variety of documents to prove that you have the financial means to pay off the mortgage. That means gathering W-2 forms, tax forms, bank statements, and so forth as required.
If you do not have these documents ready before you start the application process, you are going to run into unnecessary delays. Try to pull together everything you think you could need in advance, and make a few copies.
3. Try to hold off on making other large changes to your life.
Once you have received initial approval for a loan, you still may be subject to a second approval process. Should you make any major changes to your life in between those approvals, you could experience unexpected delays.
For example, if you have purchased a new automobile, moved to a different company, applied for a credit card or personal loan, transferred a lot of money to your bank account, or even had a check bounce, you could find yourself back at square one with the underwriting process. That is a major setback which could really disrupt your timetable for moving into your new home.
4. Be ready to provide follow-up information.
It is common for lenders to have questions they need to ask you while they are processing your mortgage. Make sure that you are easy to reach and have documentation ready. The more swiftly and comprehensively you are able to address questions and concerns, the fewer delays you will experience.
5. Choose a mortgage broker in San Diego with fast turnaround times.
When you are interviewing a mortgage company, be prepared with a list of questions. Among those questions should be, “How many days on average does it take you to close?” Present your timetable and ask the broker how realistic it is to expect to be able to close on time.
Some mortgage companies are much more efficient at processing home loans than others, so picking the right broker to work with can go a long way toward getting the fast turnaround time you require.
If you are looking to close fast so you can move into your San Diego dream home, please give Maureen Martin a call today at (619) 857-7191. Maureen strives to offer competitive turn times and fast, friendly, knowledgeable service. She can work closely with you to streamline the process according to your timetable. Before you know it, you’ll be opening the door to your new home!