The author mentioned earlier that mortgage application approval is now slower than in the past. There are many reasons why banks are "slowing down" in approving mortgages. Although for buyers, the reason why banks are slow in approving mortgages may not be too important. The most important thing is I still want to know how to get mortgage approval as soon as possible under this situation. After all, most buyers will not consider full pay. In addition to setting aside as much time as possible to apply for a mortgage, there is nothing you can do to "speed up" your mortgage approval, as long as you do your homework.
Large banks have always been the main choice for novice buyers. However, large banks are generally stricter in approving mortgages and slower than fine banks, while fine banks are relatively more efficient, so you may consider applying for a mortgage from a fine bank.
In addition, since many large banks no longer provide mortgage cash rebates, or only provide a very small proportion of them, the cash rebates of smaller banks will be more generous than those of larger banks. These are factors worth considering.
Find more banks to apply for a mortgage
When applying for a mortgage, buyers are advised not to be afraid of trouble or "offending" the bank and apply for mortgages from different banks. In the past, it was generally recommended to apply to at least three banks to compare the mortgage discounts provided by different banks and select the most suitable plan. But now, the advantage of applying for a mortgage from more banks is that it can increase the speed of mortgage approval. After all, each bank processes mortgages at different speeds, and different staff have different attitudes towards mortgage processing.
Applying for mortgages from multiple banks can help solve this problem. A better solution is to find a reputable mortgage referral company. Because the staff of general referral companies have cooperative partners with various banks, when there is a need to follow up on the mortgage, they can quickly find the right person to handle the mortgage application issue.
Negotiate a longer closing period with the seller
As for how to reserve more time for applying for a mortgage, the most direct way is for the buyer to agree with the seller on a longer closing period, and wait until the buyer has enough time to process the mortgage application. Generally speaking, three months will be reserved. More secure.
Before applying for a mortgage, buyers should also prepare the required documents in advance. Especially for non-regular salaried individuals, the bank will require more information, such as monthly bank statements for the past six months. If you are self-employed, you will also need to prepare documents such as a business registration certificate. If you have a regular salary, you must prepare bank statements and employment certificates for at least three months.
If you want to be safer, you can also contact relatives and friends who are willing to be guarantors in advance. Once the bank requires a guarantee to approve the mortgage, you will not have to "start from scratch" to find someone to negotiate and help. Prepare these things in advance. Naturally, it will help "accelerate" obtaining bank mortgage approval.