Nov 23 2021

How to Improve Your Mortgage Application

We’ll walk you through how to improve your mortgage application in this article and share some top tips to help make the process easier.

Applying for a mortgage involves many different components to keep track of. Although that might seem overwhelming initially, applying for a mortgage does not need to be a very stressful process. Getting organized ahead of time can help you save time, not just when applying but also during the processing stage.

With some initial groundwork, you’ll experience a smoother mortgage application process and potentially experience fewer delays from application to closing. We’ll walk you through how to improve your mortgage application in this article and share some top tips to help make the process easier:

Get Documents in Order

The best way to improve your mortgage application is to start with getting all your documents and pages in order. That tends to be the main reason for delays with lenders, and it can save you a lot of headaches down the road. When putting together your application, make sure to include all documents requested and do a check periodically to make sure nothing is missed.

Also, make sure to include all pages of a statement – yes, even the ones that say “intentionally left blank.” Keeping those pages helps underwriters evaluate your application since they don’t need to worry about missing any key information on pages that you did not include. This way, they have the complete picture and can start working on your application immediately.

As you work through your mortgage application, make a checklist of what needs to be included and start pulling all of that information into one central folder that you can print as needed to add. Putting everything in one place before starting your application is the best way to ensure everything is included.

Ask Questions Early and Often

An often underutilized resource, your loan officer can actually help you with a lot more than you might initially think! Your loan officer is there to help you with the process, so engage with them and don’t hesitate to reach out. They can help provide information around the application and process and can be a really valuable part of the home buying or refinancing experience. When in doubt about the application, reach out to your loan officer with questions.

That can include anything from whether clarifications are needed, if a specific document will fill a certain requirement, and anything else that pops up. Financial documents contain a lot of terms and language you may not encounter on a regular basis. If any of these terms cause confusion let your loan officer know. And of course, always ask sooner rather than later!

Loan officers often work with multiple people, and they can get busy…which can be stressful when you’re just about to submit the application but need help. So start working with them early, and make them your first point of contact for questions.

Working with your loan officer is also crucial when it comes time to sign documents. Remember, don’t sign anything you don’t understand. If something doesn’t feel quite right, or you’re just not sure about something, you should reach out to your loan officer. He or she is here to help, to cut through any confusion, and make sure that everything is going smoothly. If they are unavailable they will generally designate an alternate point of contact for you to reach out to you – at City Lending you have an excellent team on your side!

Be Consistent With Information

Another way to improve your mortgage application is to ensure that you are providing consistent and necessary information. The application itself means pulling together a lot of different sources, and it can often get confusing trying to figure out what to include and what to exclude. While sending over everything you have to make the process easier might seem tempting, that can do the opposite! Sending more than what is required can cause delays and slow down the entire process, so avoid that to improve your mortgage application.

In fact, too many delays could mean moving back your closing date, which of course, no one wants. So before trying to add all the documents you possibly can to your application, take a step back. As mentioned earlier in the article, provide only the documents that must be included and resist the urge to add additional information that the lender did not request.

Another point to add here is also to be consistent in the information you provide to reduce delays and confusion. For example, don’t use a nickname or family name in one form and use your formal name in another.

Doing so can cause issues for the underwriters reviewing your application, and you will end up needing to make clarifications and corrections, which will slow down the process. To improve your mortgage application, make sure you stick to the name on your driver’s license or government-issued ID to make it easy.

During the mortgage application, requests for additional information may pop up. Even if you have submitted all the documents required, there might still be more clarification or documentation needed before your application can be approved.

While it can feel frustrating, it’s crucial to respond to requests for additional information as quickly as possible. Delays and unclear responses can slow down the entire process, and you might run the risk of having to move back your closing date. Ideally, you should answer any requests quickly and thoroughly to reduce the chances of further follow-up. By doing so, you’ll see that the process goes significantly smoother and faster.

Mortgage applications require so many different types of information that it can be confusing at times trying to move through the process and ensure that you have covered everything. However, keeping in mind the tips we’ve mentioned here, you can see major improvements in your mortgage application. In addition, understanding the expectations around what is needed in the application and getting organized right at the start will make a major difference. To learn more about how to improve your mortgage application and how City Lending can help, get in touch today!

These days, more and more people are looking to buy their dream homes, especially as remote work and work-from-home setups have become an enduring trend. A 15 point increase in requests for home tours and other home-buying services, along with a 11% rise in Google searches for homes, indicate an uptick in demand to buy houses in the country. However, there is a definite worry about affordability when it comes to housing, especially as hefty price tags on available residences have kept the market just as competitive as before, if not more.

According to the latest reports from analysts, it’s not all bad for existing homebuyers and aspiring house hunters. As previous data shows, timing matters in the housing market, and working on different approaches to home buying – like through a reliable lender – can help advance you towards more affordable housing goals. Below, we discuss whether house hunters should buy now or wait, and why.


What is your financial situation?

Counter to the rise in home demand, there is a considerable lack of supply. Along with rising prices and interest rates, the housing market may seem like a highly competitive space with wealthy homeowners fighting for what little property is left. It can be overwhelming, but knowing where you stand financially can help you better strategize your home buying journey. Following the four key components of affordability, ask yourself:

  • How much do you have saved for a down payment?

  • How much does your household earn?

  • What debts do you carry?

  • What is your credit score?


Familiarizing yourself with these components will help inform your decision on whether or not to wait. For example, taking the time to improve your credit scores before committing can save you from higher interest rates in terms of your monthly mortgage payments. Alternatively, many young homebuyers are compromising by living with family for a significant amount time to save up for a down payment. Getting this out of the way when you’re able to can help you get better loans to buy sooner than later in case interest rates end up increasing.

What kind of home is best for you?

Buying a home is a huge purchase and a big commitment. With shifts to digital and remote ways of working taking place in recent years, this has provided homebuyers with opportunities to be more flexible when buying homes. Homes in areas away from busy cities and urban hubs, for example, are considerably cheaper. This makes them a perfect option for buyers who work from home, or aren’t required to be present in the office on a consistent basis.

The lifestyle you expect to live is as much a factor to consider as money. Condos and townhouses offer lower maintenance costs in the long run, and are perfect for smaller households when compared to single-family homes. If the household grows, homebuyers looking for a side income can even invest in renting out purchased properties to passively earn back what they spent and look into bigger properties for family use.

What does the future look like?

In a previous post, we talked about the rising mortgage and interest rates. While the market may seem bleak or intimidating in its current condition, housing experts also believe factors such as supply have a high chance of returning to pre-pandemic levels by the end of 2024. If you are financially able, buying now while others may be intimidated by the prices can give you an edge. Conversely, taking some time to get your finances in order can benefit you when it comes to securing better loans and lower interest rates.

Working with experts can help you make better decisions for the loans you need, making sure you don’t get trapped with high interest rates or hidden charges. The future of fintech suggests that big data is the future of loans, as more online lenders are now using algorithms, which predict potential defaults better than FICO scores do. Data is also leveraged precisely to identify customers who fit various products well — which can give you peace of mind, as an aspiring borrower. Here at City Lending for example, we find the right programs to fit your needs and profile, making sure you get some of the lowest down payments and interest rates along with a premium service.

And if you’re still unsure, it’s worth considering that waiting it out in the market’s current wild conditions could result in even higher interest rates in the future. At the end of the day, buying a house is ultimately a huge investment, which comes with benefits such as privacy and a financial investment that for the most part will weather most economic storms.

Find out if this is the right time for you to get a house by contacting one of our loan officers today.


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Written by Alicia Christopher

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