Mortgage and Refinancing Information Channel:
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Applying Online For A Home Loan Can Give You an Instant Approval
"Instant Approval For Home Loans" is a common refrain for online mortgage lenders, but sometimes instant is longer than you think. During regular business hours with a typical application, you can expect the databases to approve your application almost immediately. However, any glitch in the system will require the intervention of a person, which adds a time delay.
The following lists the most common reasons for a delayed mortgage application. While you can prevent some of these delays, most are caused by the mortgage lender's system. So just because your mortgage application is delayed, don't assume it has been denied.
Complete The Application
Many applications are returned due to incomplete information. Start the application process by collecting all your financial and employment records, so you have the information on hand. After you have filled out the forms, double-check it for partial names and addresses before you press the submit button.
Approvals of mortgage applications are based on databases communicating with each other. You enter your address on the site and the mortgage lender verifies the information from several different sources. If there is a discrepancy between the information, the mortgage lender's system will flag the application for review.
You can try to avoid this delay by making sure address and names are complete. However, if the information was entered into the database incorrectly by a third party, then you will have to wait for a review.
Changes Take Time To Catch Up
If you have moved, changed jobs, or made any other significant changes to your personal or financial situation, it probably won't show up in the databases yet. Put your current information on your application, but expect a delay as the information is double-checked.
Databases are wonderful devices when they are working. However, databases need maintenance, repairs, and upgrades. These downtimes usually occur late at night or early morning, and sometimes during business hours.
Waiting Out Delays
After one business day, if you can't wait, contact the mortgage lender either through email or over the phone to check the status of your mortgage application. A customer service representative will be able to tell you the reason for the delay and the time it will take for your application to process.
To view our list of recommended mortgage lenders online, visit this page: Recommended Mortgage Lenders Online.
Carrie Reeder is the owner of ABC Loan Guide, an informational website online about various types of loans.
MORE RESOURCES updated Tue. September / 22 / 2020
Mortgage and refinance rates today, September 21, 2020 | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
How to refinance your mortgage without closing costs Fox Business
How to refinance your mortgage in 5 easy steps Fox Business
Mortgage lenders are adding the refinancing fee. You can still avoid it if you act now. - Bankrate.com
Mortgage lenders are adding the refinancing fee. You can still avoid it if you act now. Bankrate.com
A record number of borrowers can now save on a mortgage refinance, as rates set another historic low - CNBC
A record number of borrowers can now save on a mortgage refinance, as rates set another historic low CNBC
Refinance your home before December 1 to avoid paying a new fee Business Insider
Mortgage and refinance rates today, September 15, 2020 | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Mortgage and refinance rates today, September 15, 2020 | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
How and Why to Refinance Your Mortgage: A Step-By-Step Guide ActionNewsJax.com
Should you refinance your mortgage? Tennessean
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Complete Checklist of Mortgage Refinancing Requirements Credible News
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Today's best mortgage and refinance rates - Tuesday, August 25, 2020 Business Insider
CardMatch™ | Bankrate Bankrate.com
Clark Howard’s Special Rule for Refinancing Your Mortgage Clark.com - Clark Howard
15-year mortgage rate hits new record low Bankrate.com
Millennials drive huge VA home loan refinance boost in Hampton Roads - The Virginian-Pilot - Virginian-Pilot
Millennials drive huge VA home loan refinance boost in Hampton Roads - The Virginian-Pilot Virginian-Pilot
The Uncommonly Strong Case For Locking a Mortgage Rate Mortgage News Daily
U.S. mortgage rates hold steady at historic low mark Dayton Business Journal
Your weekly real estate roundup: Atlantic City condo, prepaying on your mortgage, Will Forte's house and more - Press of Atlantic City
Your weekly real estate roundup: Atlantic City condo, prepaying on your mortgage, Will Forte's house and more Press of Atlantic City
5 steps to take after paying off your credit card debt FOX 10 News Phoenix
Fannie's Forecast Sees a Brightening Recovery Mortgage News Daily
Mortgage refinance: Everything you need to know Fox Business
U.S Mortgage Rates Hold Steady thanks to the Dovish FED Yahoo Finance
10 ways to save money on a tight budget Bankrate.com
It’s a Great Time for Co-ops to Refinance, If… Habitat magazine
Mortgage Applications Dip in Mid- September World Property Journal
When should you refinance your mortgage? Fox Business
How to get the best mortgage refinance rates Fox Business
10 things to know before refinancing your mortgage Fox Business
State firm caps cheap mortgage at Sh4 million Business Daily
Don't let mortgage rates distract you. You should also consider this when refinancing - Fox Business
Fed's mortgage-buying spree at $1 trillion with no end in sight Pensions & Investments
Lenders Upbeat About Profits, Loan Demand Mortgage News Daily
Student Loan Refinancing Rates Hit Another New Low Credible News
Compare Today's Mortgage Refinance Rates: Sep 21 Credible News
How to get a low-cost mortgage refinance Bankrate.com
Mortgage refinancing is about to get more expensive Pittsburgh Post-Gazette
How does mortgage refinancing work? Bankrate.com
Refinancing Your Mortgage? Those Rock-Bottom Interest Rates Aren’t for You - The Wall Street Journal
Refinancing Your Mortgage? Those Rock-Bottom Interest Rates Aren’t for You The Wall Street Journal
What Is a Mortgage? Everything to Know About Home Loans Credible News
Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates - CNBC
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 - Business Insider
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 Business Insider
Rushing to Refinance Your Mortgage: 6 Tips and What to Avoid The New York Times
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world - MarketWatch
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world MarketWatch