Why Is It Taking so Long for My Mortgage to Be Approved?
When potential borrowers are preparing to apply for a home loan, they may have questions regarding how long it will take to receive approval on their application. How long it takes for a borrower to receive approval on their home loan application largely depends on the individual mortgage lender and the borrower’s financial aspects.
Mortgage approval can take anywhere from one day to 30 days depending on the mortgage lender There are steps a potential borrower can take to speed up the mortgage approval process, including the following examples:
- Have all of the required documents ready and on hand
- Ensure you have a high credit score and good financial history
- Decrease any debts you currently own
- Speak with your mortgage lender
- Complete and return any and all forms that are required by the lender promptly
- Save for a large home loan deposit
When a potential borrower applies for a home loan, the mortgage lender will check their
credit score and financial history to gauge the borrower’s risk factor and borrowing power. Individuals with a low credit score and poor financial history may be considered to be high-risk borrowers which can result in a longer wait for approval on their home loan. Individuals with a high credit score and good financial history will generally be considered to be low-risk borrowers which can result in a quick mortgage approval.
Potential borrowers who are interested in applying for a home loan should reach out to the Mortgage House lending specialists for helpful assistance and advice throughout the home loan application process.