60 Second Savings: Speed Up Your Home Closing - TheStreet

60 Second Savings: Speed Up Your Home Closing

How to avoid delays when closing on a home mortgage.
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Filing for a mortgage is, no doubt, one of the least exciting steps in purchasing a home.

Banks need to know all the nitty-gritty of your financial history and the process can be lengthy and arduous.

"A lot of people throw away what they consider is non-essential just in an effort to keep their life simple...but when it comes to getting a mortgage, you have to have all the paperwork ," said Jeffrey Appel, a broker with Preferred Empire Mortgage.

Keep all the pages of financial statements in a secure place. Banks typically want to see two years worth of official paperwork.

"When lenders ask for certain documentation, you have to have all of it," said Appel. "If they ask for a bank statement that means all the pages."

Other forms to have ready for submission include your employment information. That includes recent W-2 or 1099 tax forms. Lenders will also want to learn about your credit history, so you should know what's on your credit report and your credit score ahead of applying for your mortgage, and you need to fix any problems or inaccuracies beforehand. Keep lists of all your assets, too, including any cars, other property and savings accounts.

Having these documents handy and accessible can help you get settled into your new home on time.

Click here for Farnoosh Torabi's video on this topic.

Farnoosh Torabi joined TheStreet.com TV in July 2006 as the site?s first official video correspondent. Previously, Farnoosh was a business producer and on-air reporter for NY1 News, Time Warner's 24-hour news channel in New York City. Farnoosh is a regular columnist for AM New York and has written for Money, Time, New York Daily News and Newsday. Farnoosh is a graduate of Pennsylvania State University, with a degree in Finance and International Business and holds a M.A. from the Columbia School of Journalism.