How to Close on Your Home Loan Faster


A loan can take anywhere from 4 to 6 weeks from start to finish. What if you need to close faster? There are ways to make it happen. Some of it lies on your shoulders. Other factors lie on third parties, including the seller, if you are buying a home. The seller controls when the appraisal is completed and the appraiser controls how long the report takes. Title work may also play a role, especially if issues pop up during the title search. Outside of these things, you have some control. Knowing how you can speed things along can help you get to the closing table faster.

Prepare Your Credit

It’s no secret that good credit goes a long way. The fewer hiccups you have in your credit history, the more likely a lender is to approve you. If you do have past issues, it slows things down. Lenders take the time to investigate what happened. Why did you claim bankruptcy or pay your mortgage late 3 months in a row? These are obviously just examples. They want to see if there is a pattern of negative financial behavior before they lend you new money.

Taking the time to prepare your credit long before you apply for a mortgage can help. Start by making sure you make your payments on time. Next, take inventory of your current debts. Are your credit card balances close to the limit? Work on paying them down. This helps your debt ratio as well as your credit score. The lower your utilization rate, the better your credit. Your utilization rate is the amount of outstanding debt compared to your total credit limit. Aiming for a 20% maximum ratio with your total credit card debt/limits is best.

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Tami L Barber

NMLS #1030737

(423) 943-9269

Encore Lending Group LLC

NMLS #1249911

206 Wesley St, Johnson City TN 37601

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The information contained in this site has been prepared by an independent third party and is distributed for educational purposes only. This is designed to give helpful tips on the mortgage process and is not intended to give legal advice. Information is considered reliable but not guaranteed. This is not a prequalification, preapproval, loan approval or commitment to lend.