Securing an express mortgage

Potential home buyers who need to buy fast - can.

This section:

  • Provides the basics to express loans

  • Makes clear what you need to keep in mind when applying

In this section we take a look at special mortgages, jumbo mortgages and low-doc mortgages.

Refer to the table of contents if you're looking for specific information.

Express mortgages for those with excellent credit

Closing a home loan, even with the ease of an online application, still requires organizing a lot of paperwork.

Luckily, if you have good credit, with an express loan you can be approved for a mortgage without all the red tape.

This option is primarily for the home buyer with an excellent credit history and a fair-sized down payment. The interest rate on this type of mortgage is identical to the rate on a documented loan and the closing costs may be even lower than normal. Processing time with an online application is faster, too.

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If you know that your credit is good, apply for an express loan at Eloan and you'll get the guaranteed best rate in the nation and save thousands on closing costs.

Express loans do away with the bank statements, extra income verification, and cash-reserve statements most traditional loans require. However, they are generally available only on fixed-rate mortgage products with a down payment of 10% or more. And depending on your employment status, they may require some documentation.

To summarize, if you are a salaried employee with excellent credit virtually no documentation is required for you to qualify - not even tax returns or pay stubs. On some qualified properties, an appraisal is not even be necessary! The lack of paperwork makes express mortgages very inexpensive to close.

In the next section we look at cash saving loans.

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