|
|
|
|
|
|
|
|
|
|
|
"Instant Approval For Home Loans" is a common refrain for online mortgage lenders, but sometimes instant is longer than you think. During regular business hours with a typical application, you can expect the databases to approve your application almost immediately. However, any glitch in the system will require the intervention of a person, which adds a time delay.
The following lists the most common reasons for a delayed mortgage application. While you can prevent some of these delays, most are caused by the mortgage lender's system. So just because your mortgage application is delayed, don't assume it has been denied.
Complete The Application
Many applications are returned due to incomplete information. Start the application process by collecting all your financial and employment records, so you have the information on hand. After you have filled out the forms, double-check it for partial names and addresses before you press the submit button.
Details Count
Approvals of mortgage applications are based on databases communicating with each other. You enter your address on the site and the mortgage lender verifies the information from several different sources. If there is a discrepancy between the information, the mortgage lender's system will flag the application for review.
You can try to avoid this delay by making sure address and names are complete. However, if the information was entered into the database incorrectly by a third party, then you will have to wait for a review.
Changes Take Time To Catch Up
If you have moved, changed jobs, or made any other significant changes to your personal or financial situation, it probably won't show up in the databases yet. Put your current information on your application, but expect a delay as the information is double-checked.
Database Delays
Databases are wonderful devices when they are working. However, databases need maintenance, repairs, and upgrades. These downtimes usually occur late at night or early morning, and sometimes during business hours.
Waiting Out Delays
After one business day, if you can't wait, contact the mortgage lender either through email or over the phone to check the status of your mortgage application. A customer service representative will be able to tell you the reason for the delay and the time it will take for your application to process.
To view our list of recommended mortgage lenders online, visit this page: Recommended Mortgage Lenders Online.
Carrie Reeder is the owner of ABC Loan Guide, an informational website online about various types of loans.
Wind Chimes and more... Recent news has made much of parents stretching their finances... Read More As the term implies, with a fixed rate mortgage the... Read More Buying your first home will likely be the biggest and... Read More Anyone who borrows money is always looking for the cheapest... Read More Availability of Home loans is in full bloom. They are... Read More Faced with the threat of a foreclosure on their home,... Read More For the last two years, interest rates have been much... Read More This might not be the front page news but it... Read More Before you consider taking out an interest-only mortgage, you should... Read More Bridging finance is a short-term loan that is used as... Read More People who are looking for a mortgage today have many... Read More A mortgage is borrowing money using property as a security,... Read More It can happen to anyone, the roof is leaking, the... Read More When you're shopping for a new home-especially for the first... Read More A mortgage is a loan you take out to buy... Read More If you've got a few things around the house that... Read More Reverse Mortgages, Most Common Features:Many offer special appeal to older... Read More When looking for a mortgage to meet your needs, consider... Read More A home equity loan is a loan that is guaranteed... Read More Before you apply for a hard money loan, try applying... Read More Shopping online for mortgages ought to be trouble free, even... Read More You've been thinking about buying your own home for quite... Read More First time home owners are sometimes surprised at the complexity... Read More Home equity loans or lines of credit have increased dramatically... Read More A remortgage can be used for the purpose of gaining... Read More
Windchimes
for great gifts!
Kippers or Red Herrings?
What is a Fixed Rate Mortgage?
Tips For First Home Buyers On Getting Home Loans
Home Equity Loan ? Still a Better Idea Than a 401(K) Loan
Home Loans: To Substantiate Financial Possibilities On Your Land
Stop Foreclosure - 7 Tips to Save Your Home
Home Equity Loan ? When Does Refinancing Make Sense?
Bad Credit Loans Authenticate What Is Positive About Bad Credit
Should You Get an Interest-only Home Mortgage?
Bridging Finance Basics
Look For a Great Mortgage Online
Mortgage Information
Refinancing Your Mortgage Can Open Up A Lot Of Options For You And Your Family
Home Mortgage Loans - Fixed Rate, Adjustable or Balloon, Which One Is Right For You?
Selecting the Right Mortgage for You
A Guide to Getting a Home Improvement Loan
Reverse Mortgages Learn The Facts First!
Adjustable Rate Mortgages Offer Alternatives For Home Buyers
What is a Home Equity Loan?
Hard Money Loans - Reasons Why You Might Want To Try Applying With A Subprime Mortgage Lender
How To Find A Mortgage With Bad Credit
The Top 5 Things You Must Know Before Applying for a Mortgage
First Time Home Owner Mortgage Loans
Home Equity Loan ? Good Choice for Luxury Purchases?
Why Choose a Remortgage?
Refinancing has become a valid option for many individuals with... Read More
Anyone who borrows money is always looking for the cheapest... Read More
If you are among the millions with less than perfect... Read More
As with all of my articles this will be based... Read More
A few years ago, a loan officer who worked for... Read More
Just because you have negative items on your credit report... Read More
A jumbo mortgage is different than a conforming loan. A... Read More
Searching for a mortgage refinance company can be a daunting... Read More
In today's overheated housing market, lenders are making it easier... Read More
Most Americans tend to live on a paycheck-to-paycheck basis, and... Read More
Uncle Sam has a gift for the men and women... Read More
Whether you are just moving out on your own for... Read More
Financing a home with bad credit is a common problem... Read More
Home loans may seem like a bad idea for people... Read More
Persistence is the key working toward getting approved for a... Read More
If you do not wish to commit to living in... Read More
A pre-approved mortgage is a must in a competitive housing... Read More
"We will help every Council Tenant to become Home Owners"... Read More
If you've been thinking about applying for a direct homeowner... Read More
If you want a low interest, low payment mortgage refinance,... Read More
"You can save time and money by applying for a... Read More
Whether you are planning to purchase a home for the... Read More
You have probably received refinancing offers in the mail or... Read More
Refinancing a mortgage is simply taking out a new mortgage.... Read More
If you're looking for a good home improvement loan rate,... Read More
Mortgage Refinance |