In particular we focus on getting the loan structure right the first time, choosing which lenders to use in the right order (yes this is important) and finally getting our clients the best deal possible.
The average time for formal approval takes about four to six weeks from submitting the application to your lender, to reaching settlement on the property.
Generally, there isn’t just one answer to why your mortgage application is taking longer than your neighbours. Everyone’s situation is different. There are a number of common explanations that can cause a longer time to process your application.
One of the first steps to getting qualified for a loan is having your credit checked. You can get ahead of this one by requesting a copy of your credit report and clearing up any discrepancies that could hurt your chances of getting approved.
Lenders will need to verify a full two years of employment history. If you’ve had several jobs in the last couple of years, this isn’t an automatic deal-breaker, but it can cause delays if you don’t have all of the details ready for your lender.
You can get ahead of the curve by having all of the contact info and dates available so your lender can conduct all of the necessary employment verifications.
