A typical home loan, without any delays, takes at least 36 to 57 days to complete on average. For people wanting to buy a home immediately, it is a long period wasted on waiting. However, since home loans are the best loan types to apply for when the need arises to buy a new house, finding options to expedite the process should help reduce the time wasted while waiting. But how do people expedite the home loan application process? Here are some ideas.
1. Complete the Loan Application
The first step to expediting the loan application is to complete the loan application quickly. Applicants should ensure they will apply for the correct loan type needed by securing a form and answering the question. They should also prepare all the possible documents necessary to secure the loan.
Meanwhile, when completing the application form, applicants should answer each question correctly and honestly. Applicants should provide accurate answers as they need to stay consistent with the information that you have provided in the form. As a result, completing the loan application is the most crucial step in the process.
2. Prepare the Needed Documents
Once applicants have submitted the completed application form, they should ensure they have all the documents before applying for a home loan. These include the applicant’s and the co-borrowers identification cards, birth certificates, household bills, pay slips, tax returns, and other proof of living expenses.
In addition to these documents, applicants should also prepare their gross income for the past three months, proof of residence and a list of the assets that they own currently. These documents are needed to verify personal and financial information in the loan application process. By providing all the documents required, applicants can avoid the hassle of having delays in the process.
3. Keep Conveyancer Close
Applicants should choose the right conveyancer to handle the whole process. They must also keep their conveyancer updated with the latest home loan applications. Conveyancers should understand the process and the files needed to provide financial information. They also need to know the best home loan types to apply for to get the best results. Keeping them close can shorten the time wasted while waiting.
4. Secure Pre-Approval
If possible, applicants should secure the home loan pre-approval from the bank or the financial institution where they want to apply for the loan. The bank must find an approved home loan for the applicants based on their information to secure it, expediting the process.
5. Do Not be Afraid to Ask
One of the reasons that the home loan application process takes a long time is that applicants do not ask questions or ask the right questions. When they do not ask, they become unaware of the overall process, further delaying the loan approval. Therefore, applicants should not be afraid to ask in dealing with a bank or a financial institution. As a result, they will know how to expedite the home loan application process in the future.
There are several things that people should do in applying for a home loan. Applicants must choose the right home loan type and submit the needed documents. They must also choose the right conveyancer and ask questions often to avoid delays in the process. These steps can help in expediting the home loan application process.
Wealthy You is one of the few alternative finance providers based in Sydney. We offer the best home loans in the area, helping clients get the financial assistance they need. First-time home buyers can now access the funds they need to purchase their first home. Speak to Sydney’s best mortgage brokers today by setting up an appointment on our website.