One of the first questions our mortgage brokers are asked about home loans in our Rockingham office is, “how long will it take for me to be approved?”
There is no “one size fits all” answer to this question. There are a lot of factors that come into play. If, for example, the market is slow and the lender isn’t busy, approvals can happen within a few days. If the market is booming and the lenders are swamped, it can be six weeks or longer.
The Process: Why It can Take so Long
If you go to a lender on your own, it can take a lot longer than with a mortgage broker. That is because we are experts at streamlining the process and because lenders work with us on a daily basis. Not only are we talking to them every day, we also know what mistakes not to make.
If a lender discovers an error in your paperwork, you may get pushed to the back of the pile. At Smartline Rockingham, we double and triple check for errors and omissions before the lender sees your paperwork.
The loan is processed by the loan processing department of the lender It is their job to check your credit, your assets and your income documents. They will make their decision after they have all of their information. While many loans are turned down, lenders do make more money by approving you than by denying you, so they often require extra time to investigate other factors such as your rental history and employment.
Sometimes the lender will offer a conditional loan, meaning that they need more information from you. At Smartline Rockingham, we can help you with that information and make sure it is presented in the best possible light.
Call Smartline Rockingham
For the fastest approval, call a mortgage broker at Smartline Rockingham. We will ensure that your paperwork is accurate and complete. (08) 9527 1800.