If you’re like most home buyers, you don’t have time to waste when it comes to getting your Rhode Island mortgage. However, getting a mortgage requires some advance preparation in order to ensure a speedy turnover. Here are some tips for how to get your RI mortgage quickly so you can get into your new home now:
The fastest way to get approved for a mortgage is to go through a lender like Family Financial Group that offers a fast and convenient online application. This means you can apply when it makes sense for you, not just during normal business hours, so you can get started on your application as soon as you are ready.
Your credit report is important, but it is far from the only factor included in getting approved and pre-approved for a mortgage. Be ready with all the documents you are going to need for your mortgage pre-approval the first time you apply, whether in person or online. This will get everything taken care of in one step. Here is what you need to have on hand, so start gathering these essentials now:
- Your social security number
- Current pay stubs if not self-employed
- If self-employed, tax returns for the past 2 years
- Last two months of bank statements
- Last two months of investment account statements
- Existing life insurance policies
- Two months of retirement investment statements
- Credit card account information
- Make/models of vehicles you own along with their resale value
- Current auto loan information
- Any personal loans account information
In addition, if you currently own any real estate property, you will need the following documents:
- Mortgage account information
- Home insurance policy information
- Home equity account information
Set up an appraiser ASAP
As soon as your offer is accepted by the sellers, schedule an appraiser to visit the property. This final step is crucial for securing your official mortgage because the appraiser validates that you are purchasing a home for an appropriate price. It can take up to a couple of weeks for an appraiser to visit the home, but once there the approval should come through within a day or two.
Prepared with the above information, you should be able to breeze through the pre-approval and final approval process for your mortgage. Start shopping around now for the best rates, and make sure all of the necessary paperwork is handy in one place so you can quickly access it. For more information on how to get a mortgage fast, contact us today.