When you find your dream home, you want your next chapter to begin as soon as possible! Closing on a house is certainly a process you should prepare for. Getting your offer accepted by the seller is a huge step in the right direction, but it’s important to understand the mortgage process from application to closing to manage your expectations on when you will officially move in.

So, can you speed up closing? While several aspects are beyond your control, taking some proactive measures can pave the way for a quicker and smoother closing. Unfortunately, there is no single fastest way to close on a house, and you need to follow a systematic approach.

Check Your Credit Reports

If you’re applying for a mortgage, you can count on the lender to go through your credit reports meticulously. As a result, if there’s any cause for concern, you should know in advance. This is because your credit reportspaint a picture of your borrowing history, showing lenders how reliable you are as a borrower. The benefits of scoring well on this front include:

  • The better your credit score, the higher are the odds of approval.
  • A good credit score typically translates to lower interest rates.
  • Borrowers with excellent credit may qualify for lower down payments.

If you find that your credit score is not up to the mark, you may consider improving it before applying for a mortgage, even if it means waiting for longer. After all, you don’t want to be stuck with unfavorable terms over a prolonged period just because you want to close on a house soon.

Checking your credit reports involves looking beyond your credit scores. You need to look for derogatory marks like late payments, collections, or charge-offs because these can negatively impact your score. If you find any errors or inaccuracies, dispute them with the credit bureaus in question and get them rectified. Paying attention to your credit utilization is also important, because a lender may view a high credit utilization ratio as a risk factor.