You’ve been saving your money for a down payment, working on your credit, and paying down your outstanding debt. Finally your finances are in order, your life is on track, and you’re ready to stop paying rent and buy a home. The first step is getting preapproved for a mortgage.
How Long Does a Mortgage Preapproval Take?
If you have all of your documentation in order, a mortgage preapproval shouldn’t take long. Your loan officer will just need to verify all of your information, and then your loan amount can be preapproved and you’ll receive your preapproval letter.
Ideally, this process only takes a couple of days. Here are some things you can do to ensure the preapproval process doesn’t bog down.
Choose a high-quality mortgage company to complete your preapproval
You want your preapproval to be rigorous and well authenticated. If things might get missed in the verification process, that can cause problems later in the home buying process. Don’t settle for a prequalification over a preapproval. You supply some of the same documentation but with a prequalification, none of it is verified. When it comes down to choosing between a buyer with a prequal letter and one with a preapproval letter, sellers will almost always prefer to deal with someone who is preapproved.
Make sure your documents are in order before applying for preapproval
You’ll need quite a bit of documentation to prove you are capable of taking on a mortgage. Be prepared to show you have funds for a downpayment, and steady employment and income so you can make your payments on time. Your loan officer may be able to accept these documents electronically through an online portal, so ask if this option is available to save time and speed the process.
Apply early in the week and month for faster mortgage preapproval
The earlier you apply for a mortgage preapproval. The sooner a loan officer can start working on your file. At the end of the week and end of the month, existing files are deep into the process and this can delay action on a new file as existing applicants are pushing for a decision so they can go house hunting.
Respond promptly to your loan officer during your preapproval
Your loan officer should be in constant contact with you to update information, get answers to questions, and request additional documents if necessary. By staying alert for messages from your contact, you can respond quickly with the answers and documents they need to keep your preapproval moving forward.
Your Sammamish Mortgage Loan Officers Is Dedicated to Getting You Preapproved
We’re on your side, and want you to have a smooth, uninterrupted home buying process! That’s why your loan officer will ask you for lots of information. Don’t be worried; we’re just doing our job so once you are preapproved, you can house hunt with confidence. Get preapproved today!
Sammamish Mortgage has been in business since 1992, and has assisted many home buyers in the Pacific Northwest. If you are looking for mortgage financing in Washington State, we can help. Sammamish Mortgage offers mortgage programs in Colorado, Idaho, Oregon and Washington.
Contact us if you have any mortgage-related questions or concerns. If you are ready to move forward, you can view rates, obtain a customized instant rate quote, or apply instantly directly from our website.