Applying Online For A Home Loan
Can Give You An Instant Approval
By Carrie Reeder
" 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.
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.
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
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.
About the Author: Carrie Reeder is the owner of
an informational website about various types of loans. To view our list
of recommended mortgage lenders online, visit this page: http://www.abcloanguide.com/mortgageloans.shtml