On average, it takes between four and six weeks for a mortgage application to be approved. There are ways to speed up the process if you need, but first, you need to understand the steps of the loan approval process.
What are the Steps of the Mortgage Approval Process?
There are many steps to the loan approval process, including:
- Pre-Approval: approval subject to property valuation
- Property Valuation: to determine how much your desired property is worth
- Formal Approval: the bank has accepted your application and is willing to loan you the money
- Offer Issuance: you sign the loan contract
- Settlement: you officially purchase the property
Depending on several factors, including the complexity of your loan, communication, and the organisational levels of all the parties involved, including the seller, the valuator, the solicitor, etc., the approval process can be long and drawn out.
How Can I Speed Up the Approval Process?
Here are a few tips to help you speed up the approval process:
- Thoroughly read each mortgage document
- Provide all the necessary documents with your application
- Make sure your application is completed correctly, and the information is up-to-date
- Be upfront about all the information a lender requires
- Sign and return the mortgage contract as soon as possible
- Know your credit history before applying
- Before searching for a property, apply for pre-approval
The best way to speed up the mortgage approval process is by working with a mortgage broker. The brokers at Mortgage House can make the approval process less of a hassle by making sure you submit all the necessary documentation the first time. We can also help you fill out our application, ensuring all the information is correct and current. Best of all, we can act as your liaison to make the entire process seamless.
