As a prospective homebuyer you may be aware of the benefits of working with a mortgage broker, but it’s natural to be curious about how long it will actually take to get approved with a broker. Understanding the general timeline of engaging with a mortgage broker can equip hopeful buyers with confidence and understanding surrounding the process.
How long will it take for my broker to approve my loan?
Although it will vary depending on your situation, it usually takes from a few weeks to around a month to get approved with a mortgage broker. At your initial mortgage broker consultation, you will need to explain your goals and your current financial situation. This will include providing a range of documentation to give a clear picture of your financial health, and so that your mortgage broker can set some realistic outcomes to aim for during the home loan process.
What happens after I’ve submitted my documentation?
Once you’ve provided the required documents to your mortgage broker, they will get to work on preparing your mortgage application for potential lenders. Lenders will then assess your financial information and organise an appraisal of the property you wish to purchase. How long this part of the process takes can vary depending on the availability of the lender and how quickly they can assess your information.
What can slow down my home loan application?
There are some factors that may draw out your home loan process slightly. For example if you have a particularly complex financial situation to navigate, this can lengthen the process with your mortgage broker. Market conditions and general responsiveness of the parties involved can also impact how long it takes for you to get approval.
How can I ensure my home loan is approved quickly?
You can reduce the likelihood of delays in your application by providing accurate and detailed documentation to your mortgage broker. The need to clarify financial information, such as income sources, is a very common reason for mortgage applications to be held up.
While the timeline of your mortgage application will be individual to your situation, being prepared and responsive can help to ensure that your mortgage broker can process your application as quickly as possible. Our team of expert mortgage brokers can help you with your home loan needs. Book an appointment with one of our Borro brokers today or call the team on 1300 1BORRO.
