How to Get Your Texas Mortgage Approved Quickly

Current Texas mortgage rates in all cities, including Frisco, is at its all- time low and it’s probably the best time to apply for one. Since rents are rising quickly, getting your own house would be much more ideal nowadays. Aside from that, there are also several programs that offer little to no down payment which is certainly very appealing for both buyers and investors alike. The approval rate is also higher because of the market’s improvement.

Because of all these programs that aims to help the current home buyers, plus the increasing numbers of people finishing their mortgage, the demand for houses now exceeds the available supply in the market.

So if you are able to close the deal earlier than 30 days, your lender may even approve a much lower Texas mortgage rate if possible. Here are a few steps to speed up your closing.

1. Process Your Purchase Loan Requirements Immediately

The ideal time to process those requirements would be as fast as 30 minutes. However, most often than not, it takes at least two weeks or even more, depending on what paperwork is being requested. That’s why it’s important that you ask ahead of time what requirements are needed. You can then get those required documentation earlier, making the processing time much shorter. Most lenders even do accept scan, making it much easier for you to submit the requirements.

Once you’ve gathered everything that your lender needs, the days needed to get the approval will be shortened, letting you get your loan approved right away.

2. Know What Paperwork is Needed

Some of the most common paperwork that your lender will ask you for your W-2 statements and federal tax return for the past two years; two of your most recent bank statements and pay stubs.

They will also ask you for a copy of your driver’s license, together with the social security numbers of all the people whose name will be included in the mortgage.

3. Be Honest When You Fill-out Your Application

You have to disclose all the information asked on the application form. Lying will not help you with your approval and might even harm your credentials instead. Lying or withholding any information from your mortgage application will not only have your home loan denied, but can also constitute to loan fraud.

Aside from that, a thorough investigation will be conducted by a mortgage underwriter. If in case a discrepancy between the information that you provided and the data that he gathered were found, you will then be asked to explain it in detail and your loan might not get approved.

These are just some of the things that you have to keep in mind whenever you’re applying for a mortgage in any state, including Texas. Prepare all the necessary documents and be truthful with all the information that you provide them. It will make your mortgage processing time faster than expected.