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

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

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.

In The News:

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.latimes.com/news/nationworld/nation/la-na-mortgage8-2008oct08,0,3434527.storycid=1255319735ei=7GfsSMXEFabU6gOU8aWBCQusg=AFQjCNErE36Yi1Oo3Jg5mhYGvZ3_FzaTsAMcCain bmortgage/b plan would bail out homeowners/abrfont size=-1font color=#6f6f6fLos Angeles Times,nbsp;CAnbsp;-/font nobr1 hour ago/nobr/fontbrfont size=-1Lenders would be able to remove the bad mortgages from their balance sheets, and borrowers would be able to brefinance/b into government-guaranteed loans. b.../b/font/div/font/td/tr/table

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://latimesblogs.latimes.com/laland/2008/10/former-bush-aid.htmlcid=1255267367ei=7GfsSMXEFabU6gOU8aWBCQusg=AFQjCNHGr7tIr-TmYNxrEF_zMSI6_JQuVQFormer Bush aide: bRefinance/b everybody at 5.25%/abrfont size=-1font color=#6f6f6fLos Angeles Times,nbsp;CAnbsp;-/font nobr9 hours ago/nobr/fontbrfont size=-1b.../b mortgages on primary residences to be brefinanced/b into 30-year fixed-rate mortgages at 5.25% (matching the lowest bmortgage/b rate in the past 30 years), b.../b/font/div/font/td/tr/table

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://online.wsj.com/article/SB122341352084512611.html%3Fmod%3Dgooglenews_wsjcid=1255285230ei=7GfsSMXEFabU6gOU8aWBCQusg=AFQjCNGTZ4MYh20y-IPp4unwcw5fn9sSkwHousing Pain Gauge: Nearly 1 in 6 Owners #39;Under Water#39;/abrfont size=-1font color=#6f6f6fWall Street Journalnbsp;-/font nobr3 hours ago/nobr/fontbrfont size=-1One reason is that as home values slip, growing numbers of would-be borrowers lack sufficient equity to brefinance/b. The falling values also make bmortgage/b b.../b/font/div/font/td/tr/table

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://abcnews.go.com/Business/Economy/wireStory%3Fid%3D5927588cid=1253042931ei=7GfsSMXEFabU6gOU8aWBCQusg=AFQjCNHodJFJ1TkoMfdy3nomFyDW2RmyHAimg src=http://news.google.com/news?imgefp=m-ec8ozx8lgJimgurl=a.abcnews.com/images/Business/abc_foreclosure_081001_mn.jpg width=80 height=60 alt= border=1brfont size=-2ABC News/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.housingwire.com/2008/10/06/two-thirds-of-homeowners-might-find-hope/cid=1253042931ei=7GfsSMXEFabU6gOU8aWBCQusg=AFQjCNGKZKf3wSgkCwRZEC2ymVTpynRhiQTwo-Thirds of Homeowners Might Find Hope/abrfont size=-1font color=#6f6f6fHousing Wirenbsp;-/font nobrOct 6, 2008/nobr/fontbrfont size=-1Two-thirds of homeowners surveyed in September said they met criteria for a bmortgage refinancing/b program available through Hope for Homeowners, according to b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.bizjournals.com/atlanta/stories/2008/10/06/daily9.htmlcid=1253042931ei=7GfsSMXEFabU6gOU8aWBCQusg=AFQjCNEncsLh3y4A0VzfJOcollntTcLk3wCCCS of Greater Atlanta survey: 65% qualify for housing bill relief/a font size=-1 color=#6f6f6fnobrBizjournals.com/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.boston.com/business/articles/2008/10/05/federal_bailout_lacks_control_of_home_loans_to_aid_owners%3Fp1%3DWell_MostPop_Emailed6cid=1253042931ei=7GfsSMXEFabU6gOU8aWBCQusg=AFQjCNGLjyd0DkDADk8m7rZ2sUKMmTXGYQFederal bailout lacks control of home loans to aid owners/a font size=-1 color=#6f6f6fnobrBoston Globe/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://blog.mlive.com/followthemoney/2008/10/mortgage_official_federal_gove.htmlcid=1253042931ei=7GfsSMXEFabU6gOU8aWBCQusg=AFQjCNFG_E0IQzjeXj2mIHPrD4Xlpd65lwbMortgage/b official: Federal government has power now to reduce b.../b/a font size=-1 color=#6f6f6fnobrMLive.com/nobr/font/fontbrfont size=-1 class=pa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.mercurynews.com/breakingnews/ci_10645598cid=1253042931ei=7GfsSMXEFabU6gOU8aWBCQusg=AFQjCNErAHzGwua5cQY1URU6KxiWetzkEgnobrSan Jose Mercury News/nobr/anbsp;- a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.sfgate.com/cgi-bin/article.cgi%3Ff%3D/c/a/2008/10/02/BU6U139QH7.DTLcid=1253042931ei=7GfsSMXEFabU6gOU8aWBCQusg=AFQjCNHJTU7q4_6TSufb4IC85xKHftP3RQnobrSan Francisco Chronicle/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1253042931hl=ennobrall 510 news articles/nobr/a/font/div/font/td/tr/table

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.csmonitor.com/2008/0922/p14s01-wmgn.htmlcid=1250039486ei=7GfsSMXEFabU6gOU8aWBCQusg=AFQjCNE8duji6uJ_zZRWIHfv8Z5s2vj-yAimg src=http://news.google.com/news?imgefp=G3YZ8nTFHc0Jimgurl=www.csmonitor.com/2008/0922/csmimg/FMORTGAGE_P1.jpg width=80 height=59 alt= border=1brfont size=-2Christian Science Monitor/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.reuters.com/article/reutersEdge/idUSN1552104420080915cid=1250039486ei=7GfsSMXEFabU6gOU8aWBCQusg=AFQjCNGLrem2Vrk5wkojKi2-x54e08_DJgbMortgage refinancing/b wave seen silver lining to market woe/abrfont size=-1font color=#6f6f6fReutersnbsp;-/font nobrSep 15, 2008/nobr/fontbrfont size=-1Yields on bmortgage/b-backed securities that also dictate rates lenders can offer also fell, albeit to a lesser degree. The 30-year fixed rate on Monday b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://seattlepi.nwsource.com/money/378965_real13.htmlcid=1250039486ei=7GfsSMXEFabU6gOU8aWBCQusg=AFQjCNGsoce8QlhdttEmOnBfZcRZRIoXdQLower rates don#39;t guarantee homeowners can brefinance/b/a font size=-1 color=#6f6f6fnobrSeattle Post Intelligencer/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.usatoday.com/money/economy/housing/2008-09-17-mortgage-applications_N.htmcid=1250039486ei=7GfsSMXEFabU6gOU8aWBCQusg=AFQjCNHwofFsVNqwSTBofcrZ8LBSebPN1AApplications to brefinance/b mortgages surge as rates drop below 6%/a font size=-1 color=#6f6f6fnobrUSA Today/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.washingtonpost.com/wp-dyn/content/article/2008/09/18/AR2008091804060.htmlcid=1250039486ei=7GfsSMXEFabU6gOU8aWBCQusg=AFQjCNEphMaFoSTN838rZ2CCqCxU9j2DMgFickle bMortgage/b Market Demands Quick Decisions/a font size=-1 color=#6f6f6fnobrWashington Post/nobr/font/fontbrfont size=-1 class=pa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.boston.com/business/articles/2008/09/18/lenders_woes_could_aid_borrowerscid=1250039486ei=7GfsSMXEFabU6gOU8aWBCQusg=AFQjCNGK0KVfzAoSYrD0R7SNxjdGZWCEtwnobrBoston Globe/nobr/anbsp;- a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.newsday.com/services/newspaper/printedition/thursday/business/ny-bzmort185847660sep18,0,1754197.storycid=1250039486ei=7GfsSMXEFabU6gOU8aWBCQusg=AFQjCNF8ENZzzVoN6W9PSPl0WAigEDPvEwnobrNewsday/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1250039486hl=ennobrall 221 news articles/nobr/a/font/div/font/td/tr/table

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.businessweek.com/election/2008/blog/archives/2008/10/mccains_new_hou.html%3Fchan%3Dtop%2Bnews_top%2Bnews%2Bindex%2B-%2Btemp_news%2B%252B%2Banalysiscid=1255414489ei=7GfsSMXEFabU6gOU8aWBCQusg=AFQjCNEmQxP9CyoeJHzzRa_7UVl2VzlmnQPosted by: Jane Sasseen on October 07/abrfont size=-1font color=#6f6f6fBusinessWeeknbsp;-/font nobr1 hour ago/nobr/fontbrfont size=-1Is he suggesting that the government buy up every bad bmortgage/b at its current value and then brefinance/b the homeowner into a lower-priced, b.../b/font/div/font/td/tr/table

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.dividend.com/blog/%3Fp%3D1386cid=1254649040ei=7GfsSMXEFabU6gOU8aWBCQusg=AFQjCNEksSM6jxun-actbjs5hLPeW31W3wimg src=http://news.google.com/news?imgefp=5Jo13S0CRZAJimgurl=www.dividend.com/blog/wp-content/uploads/storypics/bank-of-america.jpg width=80 height=60 alt= border=1brfont size=-2Dividend.com/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.baltimoresun.com/news/opinion/editorial/bal-ed.foreclosure07oct07,0,1174296.storycid=1254649040ei=7GfsSMXEFabU6gOU8aWBCQusg=AFQjCNE3njpm0VF0fplIUHiTPlSI6G9akwThe right solution/abrfont size=-1font color=#6f6f6fBaltimore Sun,nbsp;United Statesnbsp;-/font nobrOct 7, 2008/nobr/fontbrfont size=-1In the past 18 months, at least 8100 homeowners took it upon themselves to brefinance/b mortgages to get a better, more stable rate, according to state figures b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.courant.com/business/hc-countrywide1007.artoct07,0,1133905.storycid=1254649040ei=7GfsSMXEFabU6gOU8aWBCQusg=AFQjCNEYIEoEmFsypH9BYGK9dQYv_tjrewDeal May Bring bMortgage/b Assistance/a font size=-1 color=#6f6f6fnobrHartford Courant/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.suntimes.com/business/1205640,CST-FIN-countrywide07.articlecid=1254649040ei=7GfsSMXEFabU6gOU8aWBCQusg=AFQjCNFWVu-FeGirngjbfLmimNkR_4RqQwbMortgage/b relief deal/a font size=-1 color=#6f6f6fnobrChicago Sun-Times/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.marketwatch.com/news/story/cox-announces-michigan-settlement-mortgage/story.aspx%3Fguid%3D%257B4A09CC21-D9D5-4462-9F12-4901C293350F%257D%26dist%3Dhpprcid=1254649040ei=7GfsSMXEFabU6gOU8aWBCQusg=AFQjCNHf5p_u07RqH7km4VhKfu_9wYSsmwCox Announces Michigan Settlement With bMortgage/b Lender Countrywide/a font size=-1 color=#6f6f6fnobrMarketWatch/nobr/font/fontbrfont size=-1 class=pa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.star-telegram.com/855/story/956673.htmlcid=1254649040ei=7GfsSMXEFabU6gOU8aWBCQusg=AFQjCNGHNcCgaT7R0tKSYF8-xvLe57pQBwnobrFort Worth Star Telegram/nobr/anbsp;- a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.southtownstar.com/news/1205713,100708countrywide.articlecid=1254649040ei=7GfsSMXEFabU6gOU8aWBCQusg=AFQjCNFhskw7DH9bMk5Q8mxalljPzKxDpQnobrSouthtown Star/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1254649040hl=ennobrall 1,426 news articles/nobr/a/font/div/font/td/tr/table

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.forbes.com/feeds/ap/2008/10/07/ap5521815.htmlcid=1255283970ei=7GfsSMXEFabU6gOU8aWBCQusg=AFQjCNGUfBp1w6ZyMDch9kjwATyAUoIxrQGeneral Growth shares plunge on brefinancing/b woes/abrfont size=-1font color=#6f6f6fForbes,nbsp;NYnbsp;-/font nobr8 hours ago/nobr/fontbrfont size=-1quot;The remaining 2008 bmortgage/b maturities could prove difficult to brefinance/b due to the large loan balances,quot; he said. Those include $650 million at its b.../b/font/div/font/td/tr/table

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.kiplinger.com/magazine/archives/2008/11/prepare-for-a-mortgage-reset.htmlcid=1255320846ei=7GfsSMXEFabU6gOU8aWBCQusg=AFQjCNGSZs6YgTV2qJ0ttVeEijVssI3dEwWhat to Do Before Your Loan Resets/abrfont size=-1font color=#6f6f6fKiplinger.com,nbsp;DCnbsp;-/font nobr10 hours ago/nobr/fontbrfont size=-1If you have an adjustable-rate bmortgage/b that is about to rise, don#39;t wait for the payments to become unaffordable. Instead, brefinance/b into a fixed-rate loan b.../b/font/div/font/td/tr/table

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

Mortgage Refinance