Generally speaking, it usually takes two to six weeks to get a mortgage approved. The application process can be accelerated by going through a mortgage broker who can find you the best deals that suit your circumstances.
Thereof, how long does it take to get approved for a mortgage loan 2021?
The steps leading up to the mortgage application could take up to two months. Once you get there, the closing timeline might take 30 days or longer. In January 2021, the closing process took 58 days on average, according to a report from ICE Mortgage Technology, an origination platform provider.
Accordingly, why is it important to get pre-approved?
Pre-approval means a lender has looked at your financial background and determined how much home you can afford. Getting pre-approved can also save you valuable time by identifying how much you can afford, so you can target your home search to your price level.
Why is my mortgage application taking so long?
A poor credit history doesn’t provide the lender with much assurance that you will be able to make the repayments and so the lender will likely take longer doing a more intense check into the credit history, which will naturally slow the process down.
Some of the factors that can impact how long it takes to get pre-approved include: How long it takes you to gather supporting documents. Whether there are mistakes on your credit report that need to be fixed. Your employment status (since you might need additional info if you’re self-employed)