How to Get a Quick Home Loan Approval

The loan application process is the pits. If you don't have everything right on your application for a home loan, then you have to repackage and resubmit. Again and again you have to submit if you keep missing little details. It can be mind-numbing and disheartening, not to mention a huge waste of time. 

There is a list of items that you NEED to have in order to properly submit your application. All your ducks must be in a row in order for this process to go smoothly. And these items slightly vary depending on the loan you are applying for. But for most loans you need a lot of the same items to the same specifications and accuracy.

The home loan approval process will go nowhere without this. If you are self-employed or make more than 1/4 of your income via commission, then you must submit your federal tax return for review as well.

Next are asset and credit items. Banks statements for past 2 months, stock statements, anything that can be considered a financial asset, even gifts from family and employers. Credit lines are also a needed listing when applying for a home loan. Even the smallest line of credit must be listed. Late payments, charge-offs, etc must be there. They may not disqualify you at all from receiving the loan, but failure to list them will definitely get you nowhere fast. Little things like child support receipts are something a lot of people miss.

To quickly go over specifics per loan type, FHA loans need copy of social security card and your driver's license if you have one and a VA loan requires a copy of your DD214 Forms. Make sure you have everything on that list, go over each document requirement with your broker, banker, or loan officer and then submit your application.

Read more »

Use a loan to give your home a spring makeover

As the end of the winter draws closer, it’s a great time to make some changes at home. You might want to think about taking out a loan to finance some home improvements. As the days get brighter and warmer, you can look forward to summer evenings and barbeques, but we’re not quite there yet and that makes it a perfect time to do a little decorating and give your home a bit of a lift.

First, you need to decide what you’re going to change – are you going to paint and decorate, or are you going to buy new furniture. Generally one change sparks another and you find once you’ve decorated a room that you’ll want to change at least some of the furniture.

Often the thing people want to replace most in the living room is the sofa and chairs. Most of today’s furniture is cheaper than it used to be, but it doesn’t last as long as it used to, either. The positive in this is that you can make changes more often without feeling too guilty about it.

Recliners have enjoyed a bit of a renaissance in the last couple of years, and they do make for great places to relax in the evenings. You can get recliner sofas as well as chairs, and in the recline position your back and legs are fully supported as you lie back in front of the TV. Just make sure you don’t drift off or you won’t be able to sleep at night.

When you’ve paid out on furniture for the living room, your budget for other rooms in the house may have shrunk. However, you can still get new stuff, just limit what you spend. If you only have enough money to buy a cheap dining table, you can still make the room look great. Much of the cheap dining furniture available in the shops at the moment is actually really good quality – you don’t have to spend a fortune on it.

Once you’ve spent time and money improving your home, you’ll deserve a well-earned rest on your new sofa, and eating in will be much more fun in a new look dining room.

Read more »