A portion of the data-entry page
in Fannie Mae's Desktop Underwriter

• Ask your lender or broker if the company uses one of the automated systems from Fannie Mae, Freddie Mac or a third-party private provider. Chances are you'll get faster approval from a lender who does, which will remove about a week of nail-biting stress from the process.

• If you have unblemished credit and a steady long-term job, definitely go to an automated shop. Plan your house-hunting trips and moving timetable under the assumption that your mortgage underwriting and closing won't take long. This doesn't apply to people who have had several jobs in the past few years, the self-employed and people who have had several credit glitches in the past 24 months.

• Strong borrowers have some other things going for them, too. Don't bother wasting the time to dig up several years' worth of financial documents either because you almost certainly won't need them. As little as one month's worth of pay stubs, one W-2 and one bank statement might be enough to back up a loan that's granted streamlined approval by an automated underwriting system.

Borrower screen at Freddie Mac's Loan Prospector

• Weaker borrowers should try to get conventional loans at automated underwriting-equipped lenders even if they don't think they'll qualify. That's because they very well might -- due to the fact that Fannie Mae and Freddie Mac have expanded their systems' reach into the slightly subprime lending arena. This should allow borrowers to get better rate mortgages, even if they have a few minor credit blemishes.

• Don't assume you have to go to a lender to benefit from automated underwriting. Mortgage brokers can use the systems in conjunction with their wholesale lender partners, too.