{"id":6230,"date":"2017-06-22T11:11:36","date_gmt":"2017-06-22T18:11:36","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=6230"},"modified":"2017-06-16T09:56:17","modified_gmt":"2017-06-16T16:56:17","slug":"it-might-take-longer-to-secure-a-mortgage-than-you-think","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/06\/it-might-take-longer-to-secure-a-mortgage-than-you-think\/","title":{"rendered":"It Might Take Longer to Secure A Mortgage Than You Think"},"content":{"rendered":"<p style=\"text-align: justify;\">Prospective home buyers might do well to begin the process of obtaining a mortgage earlier than they think. While most experts say the average time it takes for buyers to obtain their mortgage is around 30 days, that\u2019s far from true in many cases.<\/p>\n<p style=\"text-align: justify;\">\u201cToday\u2019s mortgage process is very involved, particularly with regard to the documentation required, third-party verifications, and the independent appraisal process,\u201d said Whitney Fite, president of Angel Oak Home Loans in Atlanta. \u201cAll of these moving parts can cause a delay in processing if an issue arises.\u201d<\/p>\n<p style=\"text-align: justify;\">The mortgage application process involves several stages, including pre-approval, a home appraisal once your bid has been accepted, and then receiving the actual loan. But during certain, busier periods, consumers may have to wait a while longer. Depending on the lender, the waiting period could be as much as 60 days, reports Realtor.com.<\/p>\n<p style=\"text-align: justify;\">As such, consumers might do well to get an early start in the mortgage application process. They should approach a lender for pre-approval the moment they start getting serious about buying a home. Indeed, many sellers require pre-approval before even considering an offer.<\/p>\n<p style=\"text-align: justify;\">For a preapproval, lenders will check the consumer\u2019s credit rating, debt-to-income ratio, and other financial information. That alone may take a week or even longer, depending on the borrower\u2019s circumstances.<\/p>\n<p style=\"text-align: justify;\">But buyers shouldn\u2019t confuse a preapproval for having an actual mortgage loan. Borrowers still have to apply for the actual loan and also get through the appraisal process. Also, in the underwriting process, lenders will review all of their financial information and ensure the home buyer has not made any false or misleading claims on their application.<\/p>\n<p style=\"text-align: justify;\">Fite says the most common reason for a mortgage-related delay is the borrower not turning in documents in a timely manner.<\/p>\n<p style=\"text-align: justify;\">\u201cThe best advice I can give someone buying a home is to prepare to respond very quickly for any and all documentation requests,\u201d Fite says.<\/p>\n<p><a href=\"http:\/\/realtybiznews.com\/it-might-take-longer-to-secure-a-mortgage-than-you-think\/98742302\/\" target=\"_blank\" rel=\"noopener\">It Might Take Longer to Secure A Mortgage Than You Think<\/a> by Mike Wheatley | Realty Biz News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Prospective home buyers might do well to begin the process of obtaining a mortgage earlier than they think. While most experts say the average time it takes for buyers to &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/06\/it-might-take-longer-to-secure-a-mortgage-than-you-think\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-6230","post","type-post","status-publish","format-standard","hentry","category-mortgage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>It Might Take Longer to Secure A Mortgage Than You Think &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2017\/06\/it-might-take-longer-to-secure-a-mortgage-than-you-think\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"It Might Take Longer to Secure A Mortgage Than You Think &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Prospective home buyers might do well to begin the process of obtaining a mortgage earlier than they think. 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