Expert opinion on how long it takes for your mortgage application to get accepted.
APPLYING FOR A MORTGAGE is one of the first stages for potential homeowners, and it is often the make-or-break decision for first-time purchasers when starting a new chapter in their lives.
Getting in touch with a mortgage expert is a wonderful method to discover the basics of the procedure and how to finish the application. But how long should a first-time buyer anticipate their application to take to be processed? To find out, this website consulted an expert.
If there are no external concerns with financing or income levels, the mortgage application can be completed quickly.
According to Kate Burns of KB Mortgage Services, an application should take between one and two weeks in most situations.
“Things may move relatively rapidly if all of the client’s supporting documents are submitted upfront and connected to the case right away,” she noted.
“It also depends on whether the client wants a more in-depth survey and the surveyors’ availability.” Many mortgage lenders now provide computerized income verification based on the client’s credit history, as well as automated valuations.
These automatic tests are a terrific way to speed up the process, but their effectiveness is highly dependent on the loan to value ratio.
The smaller the loan value, the more likely the lender will be satisfied with a desktop or drive-by valuation, according to KB mortgage services.
Anything from not having all of the necessary supporting papers to the surveyor’s skills can cause a delay in the processing of a first-time buyer’s mortgage application.
According to new statistics from the Mortgage Advice Bureau, the most common reason for delays in first-time buyer applications is a lack of a deposit or unrealistic budget goals.
Seeking advice on how to improve your credit scores before applying for a mortgage is a good way to avoid unwanted delays.
According to a recent poll by the Mortgage Advice Bureau, nearly 30% of mortgage advisors indicated this was a regular cause of mortgage application delays.
Like Natasha and Dean from Peterborough, who bought their home, the best way to ensure your application is not delayed is to be thoroughly informed of the procedure before applying and to be aware of government initiatives that can assist reduce the mortgage value. “Brinkwire News in Condensed Form.”