New Home Loan - 3 Tips To Speed Up The Mortgage Loan Approval Process

Imagine this: you've found the perfect house, and feel lucky because the interest rates happen to be at an all time low. So you submit your mortgage loan application, and then?wait. The next week, interest rates go up a point, but you're still waiting. Another point would mean a significant amount in the monthly payment you will pay, and you groan when you open the newspaper and find that indeed it has gone up again.

Can this be avoided?

Luckily, there are some steps that you can take to speed up the process of your loan application! Here are a few suggestions.

First of all, if you haven't yet started shopping for your new home, you should consider shopping for a home LOAN before the home. It is possible to be approved for a mortgage loan before you ever find your home, and this will accomplish two things. First of all, it will allow you to lock in an interest rate, which will completely eliminate the "waiting" game mentioned above. In addition, if a seller sees that you are pre-approved, he will be more likely to negotiate with you because he will view you as a "serious" buyer.

If you've already found your dream house and still need to get a mortgage loan approval, there are some steps that you can take to speed up the process.

You should be sure that anytime the mortgage company calls you, that you return their call as soon as possible, and then provide whatever documentation or data they need. Remember, if they call you for something that generally means that they won't be able to move forward on your loan until they receive it.

Next, you can make things easier for the mortgage company by providing them with a file containing all of the information that you know they will need-organized and easy-to-read. For example, you should include your tax returns, income statements, employment records, credit reports, explanation of bad marks on your credit reports, bank and investment records, the contract for your new home, all bank records, and cancelled checks or other evidence of your current mortgage or rental payments. This will save the time of the mortgage company having to ask you for all of this paperwork.

Finally, it won't hurt to call and check the progress every now and then. Mortgage lenders process thousands of loan applications, and you can make sure that yours doesn't sit on the bottom of the stack by calling attention to it with a phone call.

To view our recommended sources for home mortgage loans, visit: Recommended Mortgage Lenders Online.

Carrie Reeder is the owner of ABC Loan Guide, an informational website with articles and the latest news about various types of loans.

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Google News Updated : Sat, 11 Oct 2008 05:49:35 GMT Paulson Indicates Need to Purchase Bank Equity `Soon as We Can' - Bloomberg Telegraph.co.uk Paulson Indicates Need to Purchase Bank Equity `Soon as We Can' Bloomberg - 1 hour ago By John Brinsley and Rebecca Christie Oct. 11 (Bloomberg) -- US Treasury Secretary Henry Paulson indicated that pumping government funds into banks is a priority and said financial markets will remain volatile. US planning to buy equity in financial institutions Reuters Treasury Weighs Investing In Banks Washington Post International Herald Tribune - MarketWatch - CNNMoney.com - Bizjournals.com all 1,783 news articles Publ.Date : Sat, 11 Oct 2008 04:21:05 GMT McCain Lauds and Attacks Obama in Same Day - New York Times CBS News McCain Lauds and Attacks Obama in Same Day New York Times - 41 minutes ago Senator John McCain of Arizona and his supporters at a rally on Friday in La Crosse, Wis. By ELISABETH BUMILLER LAKEVILLE, Minn. - After a week of trying to portray Senator Barack Obama as a friend of terrorists who would drive the country into ... McCain Moves to Soften the Tone at Rallies Washington Post John McCain, speaking to supporters, tries to defuse an anti ... Los Angeles Times Reuters - DetNews.com - Austin American-Statesman - The Miami Herald all 304 news articles Publ.Date : Sat, 11 Oct 2008 05:08:14 GMT US Near Changing Stance on North Korea as Terrorist - Wall Street Journal BBC News US Near Changing Stance on North Korea as Terrorist Wall Street Journal - 1 hour ago By JAY SOLOMON WASHINGTON -- The Bush administration is hoping to announce as soon as Saturday that it is tentatively removing North Korea from its list of state sponsors of terrorism, in a bid to kick-start a stalled nuclear disarmament agreement, ... AP: US to remove North Korea from terror blacklist The Associated Press US May Remove North Korea From Terrorism List, AP Reports Bloomberg Los Angeles Times - Voice of America - Financial Times - The Miami Herald all 1,714 news articles Publ.Date : Sat, 11 Oct 2008 04:02:40 GMT Bush: US authority able to solve financial crisis - People's Daily Online Telegraph.co.uk Bush: US authority able to solve financial crisis People's Daily Online - 1 hour ago US President George W. Bush arrives in the Rose Garden at the White House to makes a statement on the economy in Washington, October 10, 2008. President Bush vows action on financial crisis Los Angeles Times Bush's Lullaby to the Markets Washington Post Birmingham Star - Wall Street Journal - CNN - Bloomberg all 1,302 news articles Publ.Date : Sat, 11 Oct 2008 04:12:49 GMT G-7 Commit to `All Necessary Steps' to Stem Global Meltdown - Bloomberg Voice of America G-7 Commit to `All Necessary Steps' to Stem Global Meltdown Bloomberg - 1 hour ago By Simon Kennedy Oct. 11 (Bloomberg) -- Group of Seven finance chiefs, meeting after stocks plunged and as a global recession looms, vowed to prevent the failure of vital banks while failing to unveil new initiatives for thawing credit markets. Group of 7 Nations Seek Coordination in Rescue New York Times In latest bold step, Treasury will buy bank stakes The Miami Herald CNNMoney.com - The Associated Press - Boston Globe - FN Arena News all 890 news articles Publ.Date : Sat, 11 Oct 2008 04:03:42 GMT Democrats Are Gaining, Registration Data Shows - New York Times Los Angeles Times Democrats Are Gaining, Registration Data Shows New York Times - 2 hours ago By NICHOLAS CONFESSORE and GRIFF PALMER Some longtime Republican strongholds in New York are becoming increasingly Democratic, a striking change driven by demographic shifts, intense voter registration drives by Democrats and allied groups and sagging ... Campus registration drives in full swing KARE Ott, Hook face off for open county office St. Joseph News-Press The News-Press - Winston-Salem Journal - Tampabay.com - Beaufort Gazette all 739 news articles Publ.Date : Sat, 11 Oct 2008 03:20:33 GMT Genomics project unites four Wisconsin research institutions - Milwaukee Journal Sentinel Genomics project unites four Wisconsin research institutions Milwaukee Journal Sentinel - 19 minutes ago By KATHLEEN GALLAGHER Wisconsin’s four biggest academic research institutions will collaborate on an initiative aimed at giving the state national stature in the fast-emerging field of individualized medicine, Gov. Marshfield Clinic gets biggest donation yet Chicago Tribune Wis. governor unveils gene research triangle Forbes Bizjournals.com - GenomeWeb News (subscription) - WJFW-TV - WISN.com all 51 news articles Publ.Date : Sat, 11 Oct 2008 05:29:44 GMT Make Money Online RSS to HTML

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