What You Can Expect
Securing approval for a mortgage can involve a lot of waiting around. When you are stuck in that limbo period, it can feel as if no one has waited to hear back from a lender as long as you. That’s why it can be really helpful to find out how long the process takes on average, along with how seeking the right mortgage advice can speed things up. So, here is everything you need to know!
The average waiting time for approval
First of all, let’s look at how long borrowers like you are waiting on average. Most people trying to get a mortgage wait around 2-6 weeks before being approved. That’s a pretty big window, we know! That’s because no two applicants are the same. You might have heard of someone who was approved in a matter of days, but this is a very rare occurrence. So you are probably looking at around a month if you are right in the middle of that average timeframe.
Why can it take so long?
We know that it can be so frustrating waiting to hear back from a mortgage lender. If another day has gone by without any updates, you are probably wondering what is taking them so long. There are so many factors that go into this. If the lender of your choice has a big backlog of applications to get through, then you will be waiting a whole lot longer. There’s no way of jumping the queue! Things like a complex financial situation or a lot of paperwork being needed can also lead to delays.
Can I speed the process up?
This is a question that so many people ask. It’s hard to speed things up once you are already waiting for approval, but if you take some steps before you submit your application, you could enjoy a shorter wait. Working with a mortgage broker is the easiest way to get approved in less time. How does this work? Let’s get into it!
A broker will take a close look at your financial situation and then identify which lenders are most likely to lend to you in the first place. This is the first step to a smooth approval process. Then they will work on your application, presenting your situation in the best possible light. This is really important if you are, say, self-employed or have poor credit. Then they will make sure that you have all the right documents, so the lender won’t have to keep coming back to ask for more information.
What now?
As you can see, there are some things that can lead to a longer wait to hear back from a lender. While a mortgage broker can’t do anything about how busy a lender is or how they handle applications, they can help with so many other aspects of the process. So why not get in touch with a trusted team today?
