08 Jan 2022
How Long Can You Defer Your Mortgage?
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The average loan application takes between four to six weeks to be approved. Recently, some lenders have sped up their approval process, averaging 22 days between application submission and formal approval. Non-bank lenders, however, are the fastest mortgage lenders, averaging around 14 days.
Several factors determine how fast a loan is approved. Some you can control. Some you cannot control.Â
Non-bank lenders tend to process loan applications faster than traditional lenders, such as banks. The biggest reason they can speed up the approval process is that there are not as many levels of management in a non-traditional lender. In addition, non-bank lenders, private lenders, and other non-traditional lenders typically have fewer applicants than banks.Â
If you need a home loan approved quickly, contact the expert brokers at Mortgage House. As a non-bank lender, we will work directly with you to speed up the approval process. We can act as a liaison for you, help you fill out all the paperwork correctly, and we can cut out the middleman to have your home loan application approved faster than our competitors.Â