It’s an understandably frustrating experience: You work very diligently to perfect your mortgage applications. You collect all the necessary paperwork and finally send the financial behemoth off to your lender. Then you wait. And keep waiting – for what feels like forever.
Many people want immediate answers after they submit a mortgage application for consideration. The traditional waiting period of 2-3 weeks can feel like an actual eternity when a house is on the line. That’s why it’s important to remember the actual pit stops taking place along the timeline. Here is what you can expect from the mortgage application process:
Bank statements, tax returns, income estimates get evaluated and results in an initial assessment. This is the point in the process where you find out the type and size of loan you are most likely to qualify for based on your existing portfolio.
After you have all the appropriate papers in order, then you can officially turn in a mortgage application. This process is the beginning of a time-consuming affair, but it’s important that you exercise patience and get it right. Additional documentation may be requested along the line, but there are no shortcuts when it comes to home loan approval.
Once you have submitted your information for final review, you can expect the real waiting game to begin. This is when your information is cross-referenced and double-checked to guarantee that you can realistically afford to pay back the borrowed money on the terms the lender has suggested.
If you are ready to get started with the mortgage applications process, the professional team at Midland Mortgage is here to help you. Take the first step today by getting pre-qualified for your mortgage – or call 803-765-1680 with your questions.