Mortgage Blog
Timeline for Mortgage Approval
April 16, 2024 | Posted by: Sarabjit Dhuna
Timeline for Mortgage approval can depend on many factors like efficiency of Lender, fluctuation of market, choice of lender etc. In addition, timeline can be few days to few weeks. Sometime potential home buyers are likely to get pre-approval so they know how much they can borrow and that can help the process fast. After approval, the next step would be funding which will take a few days to 1 week to get deposited or transfer to your bank. In nutshell, it takes around 3 to 4 weeks to complete Mortgage process.
Factors Affecting approval and timeline:
There are several factors affecting mortgage approval and timeline of the mortgage process.
- When you apply through Mortgage agent then lenders will check your income, credit history, employment stability. If your financial health is stronger then it will be easier for the lender to make the process fast without any hurdles. You can use our Mortgage Calculator to check if you can be approved or not.
- You need to provide complete and accurate documents for mortgage application to make the process easier and quick for the lender. If you don't give accurate documents, then it can delay the process.
- Evaluation of property is part of the process. Lender will do property evaluation to check value of property that is align to loan that you have applied for.
Recommendation to make Mortgage approval faster:
- You need to gather all the necessary documents like employment verification, income, income tax returns, credit score report before you apply for mortgages.
- When lender ask you for additional documents or information then you need to give documents on time so, it cannot cause any delays in mortgage process.
- You need to have a good to excellent credit rating so, make sure you pay bills on time and never miss payment. You also need to make sure your debts will not be exceeded, and you should not have a new credit inquiry.
- You can get pre-approved for mortgage before buying house so, it can help you to shorten the timeline.
We can help you with any Residential mortgage solution for purchasing, refinancing, renewals and debt consolidation. You can visit my website Centum United Mortgage for any types of mortgage solutions. You can also contact Sarabjit
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