How To Shop For A Mortgage When You're In A Hurry

A house is likely to be the biggest purchase we ever have to make in our lives. While plenty of people like to take their time and browse the market to see what's on offer, there are times when things start to move a little faster than expected. That's where learning how to shop for a mortgage when you're in a hurry comes in.

On average, it takes someone 52 days to close on a mortgage, with most of that time being spent waiting on others to get their things in order. Thankfully, there are some ways to speed things up, especially if you need to get the process cleared as soon as possible.

Gather all the documents you need for your mortgage

Most mortgage lenders all need the same documents, regardless of the deals they offer a potential home buyer. Having these in order can really help when shopping for a mortgage when you're in a hurry, as you won't have to waste time getting things sent over. These include your Social Security Number, a copy of your ID, two years of tax returns, the two most recent bank statements, documentation of any outside income - such as child support or alimony - and documents showing any name changes. If you run your own business or are self-employed, you will also need pay stubs from the last 30 days and two years of W-2 forms. Finally, most lenders need to know about a down payment, meaning you need evidence of any down payment assistance or if you saved the money yourself.

Know your credit rating before the process begins

Before even getting started on your mortgage application, it's best to get your own credit rating in order. Of course, it's something we should check periodically anyway, but knowing what it is means that you can already know what kind of mortgages you will be offered and the down payments you'll need for the application. Thankfully, there are plenty of free sites that allow us to check where we stand and get any mistakes in order before making the application. Just be sure to fix those errors before submitting your application.

Use different mortgage comparison sites to get the best deal

The internet is a wonderful place filled with plenty of advice and free services. The same goes for mortgage comparison sites, which can be great for learning what kind of mortgage you will likely be accepted for and what payments you will be able to afford. Most of the sites tend to use the same lenders, so don't worry about signing up for every single one on the market. This could also open you up to a host of unwanted calls as lenders try to convince you they are the ones to use. While they can be a great place to start, don't rely solely on mortgage comparison sites. Instead, do a bit of research to see which ones are known to be good lenders, as well as noting any major ones that could be missing from the list.

Start the preapproval process with multiple mortgage lenders

There are so many reasons to get preapproved on your mortgage. As well as knowing how much you will definitely be able to get to buy a house, it can make the entire buying process a lot smoother, as sellers know that you're serious and you're a lot closer to having the money. That doesn't mean that you have to choose one and stick with them. We can get preapprovals from multiple mortgage lenders as there is nothing saying we have to use that one company. It also lessens the effect on your credit rating so long as you get all of your preapprovals within 45 days.

Track the process of your mortgage application

Let's be honest; getting a mortgage is usually a lengthy and complicated process. While learning how to shop for a mortgage when you're in a hurry can speed things up, it doesn't mean you can skip any steps. Instead, it's a good idea to come up with your own system to keep checking things. This could be through spreadsheets and lists to track the dates you reached out to or heard from certain people last, as well as what information you requested, or they last sent. Mortgages are often all about sitting and waiting, which is why being proactive can help to speed things up.

Learning how to shop for a mortgage when you're in a hurry might sound like the impossible, but that doesn't have to be the case. Thankfully, speeding the process up might not be as difficult as it sounds on the surface.