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Frequently Asked Questions

Are there tips I can use for faster closing?

When you finally come upon the house of your dreams, fast loan approval and a quick close can often determine whether you’ll be the one proudly moving into that new home.

At North Shore Bank, our mortgage team is proud to deliver fast, local decision-making and industry leading turnaround times. But you can do a lot to accelerate the closing process, too.

Try these suggestions:

  1. Get pre-approved online. Obtaining pre-approval often takes just a few minutes, but it can save a week or more once you’ve made your offer and begun the closing process.
  2. Gather documentation early. Learn which documents you’ll need for closing and track them down now, so you won’t be waiting anxiously later.
  3. Be complete. Our loan underwriters will need every last page of documentation (even the blanks) to establish your complete financial record. When in doubt, include it.
  4. Get your gift early. If a family member is helping with your down payment, deposit it in your bank account more than two months before you apply.
  5. Be honest. Omissions on the initial application are the #1 reason for delays, so be upfront about problem areas. We’re here to find and close a loan for you – not to judge you.
  6. Avoid big changes to your finances. Don’t apply for new credit, get a car loan or make big purchases. Also, avoid a job change if possible. It can raise red flags that slow your loan.
  7. Communicate quickly. Commit to checking your phone regularly, setting email alerts or doing whatever it takes to be responsive.
  8. Set a timeline with your seller. If your offer is accepted and the seller must fix certain issues, get it in writing with a mandatory completion date.

 

Working closely with North Shore Bank can help you move in ASAP, so contact us today or call 877-672-2265 to get other tips for a speedy closing.

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Frequently Asked Questions