The mechanism of mortgage approval is a tedious, yet rather methodical, and it demands a calculative step by step approach. Lenders in Singapore like in any other country generally endeavour to set up the QM or Qualified Mortgage loan by carefully structuring the ATR or Ability-to-Pay underwriting terms and conditions, and this puts the borrowers in tricky situations at times. Hence, the objective of owners is to speed up the mortgage loan approval so much so that they do not get trapped into the mesh of innumerable paraphernalia that may surface out of nowhere, en route to the approval of the loan. Here are a few most effective ways that speed up the mortgage loan approval.
Keep no secrets – be transparent
The mortgage vetting mechanism is a tiresome and rigorous one, and there are ample ways that the lenders can use to unearth information that has been well hidden. Hence, it is best not to hide anything. Whether you take mortgage loan for the first time or refinance mortgage loan in Singapore, emphasise transparency and opt for full disclosure at the very first instance. Trying to cover up any credit mishap, hoping that it can never be unearthed, will jeopardise the entire process.
Be flawless in documentation
No matter whether you need to take a first-time loan or you need to refinance mortgage loan in Singapore, be flawless during documentation. Have a clear idea about what the lender needs and act accordingly. Make sure you are readily able to provide your lender with every bit of information that your lender requires the loan can be approved. Every approval of mortgage loan is highly document-centric, and most of the loan prospects are jeopardised due to inability to provide required documents in time.
Grow a good rapport with your loan processor
After you have applied for a mortgage loan, a processor will contact you and ask for the documents, to have them verified by a 3rd party verifier and vouched for property appraisal. He will coordinate with you regarding other aspects regarding approval of your loan. He will provide you information about the status of your approval and will be a valuable source of help, even if you opt to refinance mortgage loan in singapore subsequently. Thus, you need to grow a good rapport with him, and this will help immensely while speeding up your loan approval prospects.