How long does a mortgage approval take?

December 13, 2020

1 thought on “How long does a mortgage approval take?”

  1. There are several factors that will affect the duration of your mortgage approval. It also depends on the mortgage you are applying for, the type of property you want to pay for, and the standard time your lender takes to approve a mortgage application. The factors include:

    1. Your credit score – If your credit report is spotless, you can be approved within 72 hours. If you have a low credit score, it may take longer to receive approval.
    2. Incomplete paperwork – Provide all the documents required to fasten the process. Delays are often caused by feedback from the lender asking for verification or further documents.
    3. Your financial status – Since your lender analyzes your entire financial status, other financial obligations such as a car or student loan can affect your approval process’s outcome.

    A pre-approval – If you apply for a pre-approval, you will be able to assess your current assets, income, and the amount you are eligible for before applying for a mortgage. This can help you better prepare and make the process faster.

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