| "Instant Approval For Home Loans" is a common | | | | mortgage lender's system will flag the application for |
| refrain for online mortgage lenders, but sometimes | | | | review. |
| instant is longer than you think. During regular business | | | | You can try to avoid this delay by making sure |
| hours with a typical application, you can expect the | | | | address and names are complete. However, if the |
| databases to approve your application almost | | | | information was entered into the database incorrectly |
| immediately. However, any glitch in the system will | | | | by a third party, then you will have to wait for a |
| require the intervention of a person, which adds a time | | | | review. |
| delay. | | | | Changes Take Time To Catch Up |
| The following lists the most common reasons for a | | | | If you have moved, changed jobs, or made any other |
| delayed mortgage application. While you can prevent | | | | significant changes to your personal or financial |
| some of these delays, most are caused by the | | | | situation, it probably won't show up in the databases |
| mortgage lender's system. So just because your | | | | yet. Put your current information on your application, |
| mortgage application is delayed, don't assume it has | | | | but expect a delay as the information is |
| been denied. | | | | double-checked. |
| Complete The Application | | | | Database Delays |
| Many applications are returned due to incomplete | | | | Databases are wonderful devices when they are |
| information. Start the application process by collecting | | | | working. However, databases need maintenance, |
| all your financial and employment records, so you have | | | | repairs, and upgrades. These downtimes usually occur |
| the information on hand. After you have filled out the | | | | late at night or early morning, and sometimes during |
| forms, double-check it for partial names and | | | | business hours. |
| addresses before you press the submit button. | | | | Waiting Out Delays |
| Details Count | | | | After one business day, if you can't wait, contact the |
| Approvals of mortgage applications are based on | | | | mortgage lender either through email or over the |
| databases communicating with each other. You enter | | | | phone to check the status of your mortgage |
| your address on the site and the mortgage lender | | | | application. A customer service representative will be |
| verifies the information from several different sources. | | | | able to tell you the reason for the delay and the time it |
| If there is a discrepancy between the information, the | | | | will take for your application to process. |