Get Fast Approval with a Loan Officer: Tips and Tricks

When a home buyer is ready to make a purchase, they’re going to want to make sure they get approved as quickly as possible. Working with a loan officer can help them get approval, but it is important to make sure they’re going to have a better chance of being approved before meeting with the loan officer for the first time. A few things they might want to do before the meeting include the following. 

Gather All Documents and Info

It is a good idea to gather all documents and info that might be needed before deciding to meet with a loan officer. The loan officer will need to see financial documents, credit scores, and other documents to show that the buyer has the ability to pay a mortgage. Ask the loan officer what is needed when scheduling the meeting and be sure to have everything on hand and ready to go at the meeting. 

Consider Using a Co-Signer

One option that buyers may want to consider is using a co-signer to get their mortgage. This helps to improve their standing when filling out the application and can give them a much better chance of being approved. However, they will want to make sure they choose the right co-signer to help them and be sure they understand the full impact of having a co-signer on the mortgage. 

Work on Improving Credit Score

Prospective buyers may want to work on improving their credit score before they look into being approved for a mortgage. Not only does this give them a better chance of being approved but it can help to reduce the amount they pay in interest. There are ways to improve the credit score fast, but it is a good idea to spend a little bit of time trying to improve it as much as possible before the meeting. 

Look Around at Properties

Buyers may want to look around at the properties available to see if they can find a more affordable house. They may be able to find one that needs some repairs or is in an up-and-coming area nearby and that is going to be less expensive than comparable homes in other areas. Depending on the buyer’s flexibility, they may consider moving to a nearby city or town or looking into other options to find a home for less. The smaller the mortgage they need, the more likely they are to be approved. 

Ask for Exceptions

It is always possible for the buyer to ask for an exception if they meet with the loan officer and aren’t approved right away. If there’s something odd on their credit score or they have gone through a recent major life change, they may be able to get a mortgage despite not meeting all of the qualifications. The potential for this to work can vary from one situation to the next, so it’s not something to depend on to be approved, but there is always a chance so it doesn’t hurt to ask. 

It is important to make sure everything is ready before meeting with a loan officer. By considering all of the tips here, it’s easier to get a fast approval for a mortgage, which can help the buyer purchase their home much faster. Schedule your meeting with a loan officer today to learn more about how they can help you get a mortgage approval.