Asking how long it takes to get a home loan approved is like asking how long a piece of string is. Every application is unique, so the time between your first contact with your us and an approval can never be predetermined. There are, however, some things you can do to hurry along your loan application.
Although very rare, same-day loan approvals are possible! This of course depends on the lender’s criteria, complexity of the application and the lenders turnaround time. In our experience, this is possible when ALL supporting documents are provided by you (the client).
If you are not prepared, it could take over a month. The most common reasons for delay is a lender’s turnaround time to assessment, especially when some lenders have competitive package offerings and experience larger application volumes, but lack of preparation can cause this delay to snowball. If the lender then requests further information, or a valuation has not been completed upfront this can cause further delays.
We take the necessary steps to ensure a fast home loan approval, but there are simple ways you can help before our first meeting.
Disclose ALL information
To avoid back and forth requests, which can delay your application, ensure your lender has a thorough understanding of you as an applicant including your identification. By providing all of the requested supporting information upfront, and conveying as much detail as possible in your appointment this will allow us to have a snapshot of your entire situation. Therefore locating suitable lender options, and achieving an approval will occur much faster.
To ensure your application avoids any unnecessary delays, speak with your Mortgage broker Ross today. Call us today to start your journey with Y.I. Finance.