Once you make the decision to buy a home, the real work begins. The loan mortgage process can take time, especially if you’re not prepared to hand over all of the documentation the lender requires. In February 2021, the average time to close on a mortgage was 53 days, 根据 艾莉美. 但是，在你开始之前，把所有的事情都安排好，可以把时间缩短到30天.

Preparing ahead of time is key to avoiding obstacles once you’ve found your dream home. Let's discuss things you can do now, before you even begin to look at houses, to help speed up the home loan application process.

Make sure your credit history is accurate.

Your credit history has an important role to play in determining your credit score, which will determine whether your application will be approved and what rates you’ll be eligible for. 因为这个原因, it’s wise to begin by checking your credit report to ensure there are no unwelcome surprises.

Keep in mind it’s not all about whether you’ve been making your payments on time. 这也是为了确保没有人抓住你的好名声，对你的信用做坏事.

During the pandemic and subsequent shutdowns in 2020, fraud and identity theft attempts increased nearly 23% percent, 根据 TechRepublic. Mistakes or fraud on your credit report can take time to correct, so you don’t want to learn you’ve been a victim of identity theft 后 you’ve already applied for a mortgage loan.

你可以访问 AnnualCreditReport.com to get your free credit report from all three credit reporting agencies: Experian, TransUnion和Equifax. This will give you an opportunity to investigate potential problems, 删除过时的信息，并搜索可能破坏你的抵押贷款申请的问题的迹象. The sooner you start this ball rolling, the faster you can move forward in the mortgage loan process.

What constitutes good credit for a mortgage loan?

Most lenders require a minimum FICO分数 of 620 for a conventional home loan. It’s possible to get a Federal Housing Administration (FHA) loan with a credit score as low as 580, but that isn’t necessarily where you want your score to be when buying a home. 事实上，为了获得最好的抵押贷款利率，你的信用评分需要高得多.

通常, 贷款机构为信用评分在760到850之间的借款人保留最低的抵押贷款利率. Lenders have tiered interest rate plans they work with for mortgage loans. Although each lender has its own tiers and credit score qualifications, 30年期贷款固定抵押贷款利率的平均分级计划可能类似于图1中的表格.

Although there doesn’t appear to be much variation between these interest rates, the difference you’ll pay each month over 30 years based on your credit score can really add up. 例如, if you financed $320,000 of the price of your home at an interest rate of 4.656%对3.057%, you would pay $105,192 more in interest over the life of the loan. So having the best possible credit score when you apply for a mortgage loan makes a big difference.

Raise funds for your down payment.

一些首次购房者贷款项目允许你以售价的5%作为首付购买房屋. There are even zero-down mortgages for those who qualify (although, you would still need to plan for closing costs). While you may be able to get into a home quicker by taking advantage of a specialized loan, there are trade-offs you should be aware of before deciding on this option.

对于初学者来说, 您可能不得不跳过一些额外的环节，并为贷款申请和批准过程做好准备，这将花费更多的时间. 另一个需要考虑的权衡是，贷款机构可能会收取更高的利率，或者对这些专业贷款有不同的资格标准.

除了, if you don’t put 20% down on a conventional loan for the home you want to buy, your lender may require you to pay private mortgage insurance (PMI). 它可以在0范围内任意相加.55% to 2.每年按原贷款金额的25%支付你的月供，直到你的房屋净值达到至少20%. Lenders are likely to require PMI because, 首付少一点, your loan is considered a higher risk, and PMI provides some protection for the lender in case of a default.

While the added costs are a drawback, that doesn’t mean you shouldn’t consider one of these loan options. 例如, 在你可以锁定低利率的时候买房，与等到你付了20%的首付却不得不支付更高的利率相比，在贷款的整个生命周期中，你仍然可以节省一笔钱.

Saving up for a 20% down payment and closing expenses can take time. However, it’s your best bet to avoid added costs. 最终, 你必须评估你的个人情况，以决定这些额外的费用是否值得尽早开始建立股权.

Reduce your debt-to-income ratio.

In the days and weeks before applying for a mortgage, it’s a good idea to make sure you have your debt under control. This may mean paying off smaller debts, 如果可能的话, so that your debt-to-income (DTI) ratio is more attractive to lenders.

你可以用每月偿还债务总额除以月总收入来计算DTI. Most lenders want to see a DTI ratio below 36% 后 your mortgage. This shows them you’ll be able to not only make your mortgage payments, but also handle other expenses that arise while maintaining your home.

Ideally, your mortgage won't be so large that it requires the bulk of your monthly income to pay it. 在抵押贷款过程中减少你的DTI向贷款人表明你对所借的钱负责，并灌输信心，从而更快地获得批准.

整理你的文件.

While you’re working to make sure you have the best possible credit and funds for a down payment, 这也是开始收集申请抵押贷款所需文件的好时机. Having these items ready will expedite the application process.

The documents you’re most likely to need when applying for a home loan include:

• Driver’s license or valid government-issued ID — This an important tool to verify your identity and confirm your address of record. Make sure your address is up to date and that your ID won’t expire before the loan closes.
• 社会保障卡 — Your Social Security number is used by lenders to check your credit history and credit score. To verify your information and prevent fraud, lenders may also ask to see your physical 社会保障卡.
• 雇佣工资单 — These help lenders understand your income, including its frequency and reliability. Be sure to gather pay stubs covering the most recent 60-day period.
• 最近的银行对账单 -这些提供了另一种方法来验证你的身份，并向贷款人展示你是如何花钱(和存钱)的. This proof can help tip the scales in your favor by showing positive financial habits. However, it can have the opposite effect as well.
• 纳税申报表 — Most mortgage lenders prefer your two most recent years’ worth of tax returns. This should include copies of W-2 forms or 1099 forms, if applicable, to show proof of income.
• 资产证明 贷款人希望看到你有其他的方式来支付你的月供，以防经济紧急情况或收入损失. 你需要收集最近两个月的支票账户、储蓄账户以及任何投资账户的对账单, retirement or brokerage accounts you may have.
• 业主保险证明 — Before you can close on a new home, you will need to show proof of homeowners insurance on that home. The exact scope of coverage may vary from lender to lender, but most require that your home be insured for 100% of its replacement cost.
• Existing or previous mortgage statement -如果你已经有了自己的房子，这可以验证你目前的抵押贷款支付情况，并帮助建立你的债务收入比, which many lenders weigh heavily when making lending decisions.
• 每月偿还债务 ——同样, 在计算DTI比率时，贷款人可能想要审查或核实你每月的债务支付和余额. Gather statements for loans, credit cards and other debts. Statements should include account numbers, 每月最低还款额, balances and creditors’ contact information.
• 物业税帐单 — This is another item used to determine your DTI ratio if you currently own property.

You may be asked to provide other information along the way. But having this list of documents prepared when applying for a mortgage will save you time, energy and headaches — and streamline your mortgage approval timeline.

关键是要记住, should your lender request additional information or documentation, is to give it to them as soon as possible. If you haven’t heard from your loan officer, reach out to them to verify they have everything they need. When you communicate proactively and comply quickly with requests, the entire process goes faster and more smoothly.

避免重大的生活变化.

生活的变化是不可避免的, but they should be put on hold as much as possible as you prepare to purchase a home. 具体地说, 你应该避免那些可能会对你的财务产生影响，并导致贷款人决定不批准你的抵押贷款的变化. Things you should especially avoid during this critical time include:

• Changing jobs, quitting or being fired
• Applying for credit (furniture and appliance purchases, new car loans, etc.)
• Missing a payment on a credit account
• 跳跃的检查
• 办一张新信用卡
• Making a large deposit to or withdrawal from your bank accounts

These are all examples changes that could potentially affect your income, FICO分数, 信用记录或DTI. 记住，你需要继续避免这些类型的重大生活变化，直到你关闭了你的家. 你的贷款人可能会在交易结束前进行最后的信用检查，以确保你仍然有良好的信誉来支付每月的付款.

在最好的情况下, 一个大的变化可能会减缓你的抵押贷款审批，或者要求你提交额外的文件，如果贷款人不得不重新评估你是否仍然符合他们的贷款要求. At worst, your loan could be denied.

申请按揭预批.

Preapproval is different from mortgage prequalification. 预先批准涉及到一个更深入的验证过程，在这个过程中，贷款人通常会提供一个有条件的承诺，让你借到一定数额的贷款来购买房屋. It also indicates what kind of interest rate you can expect to pay on your mortgage.

The added benefit of a mortgage preapproval is that it gives you an advantage with home sellers. 在卖方市场, 预批准信比资格预审信更受欢迎，因为这意味着贷款人对你的财务状况进行了更全面的了解，贷款批准不太可能落空.

更重要的是, getting your mortgage loan preapproved will give you peace of mind that, 一旦你找到了你梦想中的家, your less likely to face any unexpected delays in the loan approval process. 这是一个巨大的负担，尤其是在像华盛顿州这样紧张的房地产市场, where the best properties are bought as soon as they’re listed on the market.

You may want to apply for preapproval with multiple lenders to see which offers the best deal. Be sure to pay attention to the annual percentage rate (APR), 哪一种贷款方式将为利率比较提供最好的基础，因为它还将贷款方的费用和其他费用考虑在内.

While a hard credit pull may affect your credit score, you can minimize the impact by submitting your loan applications within a short time frame, as the credit agencies recognize that buyers like to shop rates. 和, when you have multiple lenders competing for your business, you can choose the offer that works best for your needs.

与你的贷款人保持联系.

Mortgage lenders work with multiple borrowers and applicants at once. Whereas you only have one home mortgage to worry about, they may be working with thousands.

If you don’t stay in contact with your lender and up to date on the mortgage process, your loan application may fall through the cracks. 如果你提交了任何要求的文件后没有得到回应，请致电或发电子邮件给你的贷款人. Be proactive and ask what you need to do next.

Remember, the squeaky wheel gets the grease. If you want to speed up the approval process for your mortgage application, 你可能需要成为贷方渴望容纳和批准的吱吱嘎嘎的轮子，以便它可以与其他客户一起前进.

Although there are no guarantees when it comes to mortgages, being prepared ahead of time is the best way get your home financing approval faster.

Start your mortgage loan process.

在WSECU，我们将回答您的任何问题，并帮助您找到最适合您的贷款.

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* 利率s are for example purposes only.