Article

Advantages of Quick Home Loan Approval and Closing

Posted by Jessica Akright on Jul 14, 2016 05:00:00 AM

Topic: ALL

Husband and wife signing their approved loan

When you find the perfect house for the perfect price, you may need to move quickly to get it—and a lender that can close your loan quickly.

The advantages for quicker loan approval and processing include:

  • Ability to buy. Having a pre-approval letter in-hand can put you first in line when it comes to making an offer to buy.

  • Negotiating power. A home seller may be more inclined to accept your offer over other similar ones if you can settle faster.

  • Lower interest rate. You may be able to lock in a better rate.

  • Turn rent into equity. Why wait 60 days or longer to stop paying rent? You may be able to give notice sooner and put rent towards the first payment on a home you own.

  • Faster access to equity. When drawing on the cash value you’ve built up, a faster refinance or home equity loan approval can help you get faster access to equity for whatever other need you have in mind.

Closing delays can kill a deal. So a lender’s ability to help you close quickly is another factor to consider. And, unlike some lenders who may take two to three months, Bank Mutual makes all decisions locally, helping our customers close quickly.

TAKE RESPONSIBILITY FOR HELPING CLOSE YOUR LOAN QUICKLY

  • Submit all necessary pre-approval documentation so your lender can move quickly.

  • Fill the mortgage application out completely and accurately.

  • If you apply online, follow-up by phone.

  • Be sure to express your desire to close quickly. 

  • Ensure everyone—from your bank, realtor, lawyer, and title company to the seller, their lawyer and their realtor—all understand your desired closing date.

Speak to a Loan Officer near you!