Expedite the loan process

The process of acquiring a home loan takes a longer time now that lenders have heightened their requirements. LendingTree identified some tips borrowers can use to expedite the lending process.

Copies of W-2 forms or federal tax returns from the past two years can help borrowers acquire a loan more efficiently as the documents provide valuable financial information that lenders would normally have to research. Also, recent year-to-date pay stubs for proof of income and updated statements of any other loans or debts would also help the process.

To provide information regarding credit, borrowers can bring an updated credit report as well as bank and asset statements from the last three months. For a mortgage, borrowers should also have with them a fully executed purchase agreement and real estate contract, while refinance applicants should have a copy of their current homeowner's insurance policy and a recent mortgage statement.

Once the lender has the financial information and has sent the applicant a prequalification letter, the process is not over. According to Time, the letter of pre-approval is proof that the lender is confident in the borrower, but does not guarantee financing or that the home sale will close.

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