 |
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.
Details Count
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.
Database Delays
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. June / 06 / 2023
 |
 |
 |
RELATED MORTGAGE AND REFINANCING ARTICLES:
To Refinance or not to
Refinance -- Here is the Answer
I have written many articles on refinancing a fixed rate
mortgage to an adjustable rate mortgage. I have helped
people cut as much as $800 off their monthly payments by
turning their high fixed rate mortgage loan into a much
lower ARM.
Bad Credit Loans
Authenticate What Is Positive About Bad Credit
This might not be the front page news but it is now out in
the open! 'Bad credit is getting loans - all kinds of
loans'. Lending institutions, banks and other financial
constitutions are coming forward to provide loans for bad
credit.
Reverse Mortgage
Maximization
Have your home's appreciation grow twice as fast. For
Seniors over the age of 62 a Reverse Mortgage is a tool
that, while new to many, is increasingly being used to
maximize their retirement income.
Home Equity Loan
Information - How to Use One Wisely
Using a home equity loan to get out of debt or make
improvements to your home is usually a smart move. You have
earned the equity, so it only makes sense that you put it
to good use.
Poor Credit? Get a
Sub-Prime Mortgage Now, and Refinance to a Conventional
Mortgage Later
There are great mortgage loans for people with poor credit,
and yes, you can still save thousands of dollars. In order
to receive preferential treatment for mortgage
professionals, you'll need a credit score of 680 or better
(this is considered A credit).
Bad Credit Mortgage
Lenders - Things You Should Know About Subprime
Lenders
Interest rates and fees vary between subprime lenders just
like regular mortgage lenders. Just because you have bad
credit, that doesn't mean you should accept the first
financing offer from a subprime lender.
Applying for a Home
Mortgage Loan Online - The Pros and Cons
If you have considered applying for a home loan mortgage
online, there are a few pros and cons to think about with
getting a home mortgage loan online:Pros:1. The process of
applying for an online home mortgage loan is very simple,
unlike some lenders who operate in the 'real' world and ask
for heaps of information.
Follow A Few Simple
Steps To Make Shopping For Your New Home Loan A Little
Easier
It is likely to be one of the largest purchases of your
life, and it can be extremely nerve racking and
overwhelming. Buying a new home! Whether you are buying
your first home, or moving to a new home; purchasing a home
and shopping for home loans is a major decision that
requires a lot of time and energy.
13 Extra Costs to be
Aware of Before Buying a Home
Whether you're looking to buy your first home, or trading
up to a larger one, there are many costs - on top of the
purchase price - that you must figure into your calculation
of affordability. These extra fees, such as taxes and other
additional costs, could surprise you with an unwanted
financial nightmare on closing day if you're not informed
and prepared.
Mortgage Research Good
News for House Buyers
Figures from the Council of Mortgage Lenders show that in
July gross lending in totalled £25.2 billion, with
fixed rate deal mortgages are at their most popular for
nearly six years.
Home Equity Loan - Not
Just For Home Repairs, And Tax Deductible, Too!
Thanks to the combination of low interest rates and
skyrocketing property values, home equity loans are more
popular than ever. The value of home equity loans taken out
by Americans has doubled in the last two years, and the
market for them shows no signs of slowing down.
How to Utilize Your Cash
Investment in Your Home
Have you ever noticed how hard it can be to get to the
equity in your home?Recently I had a client come to my
office who had quite a bit of equity in their home. I'm not
talking about $50,000 or even $200k, I'm talking about over
$250k.
Home Loans For People
With Poor Credit - Understanding The Requirements For a
Subprime Mortgage
Home loans for people with poor credit demand that you
understand the requirements for a subprime mortgage loan to
get the best rates and terms. By satisfying the
requirements, you can be assured of securing a subprime
mortgage to buy a home.
Refinancing and Car
Finance - Is it worth it?
Refinancing and Car Finance - Is it Worth It? No doubt you
have heard of refinancing your mortgage. It has become all
the rage, but now you can also refinance your car loan.
How Good a Deal Is Your
Banks Mortgage Insurance Plan?
When you go to the bank to get a mortgage, you'll
inevitably be asked to take out mortgage insurance. The
idea behind mortgage insurance is simply that if something
happens to you or your spouse then your loan will be paid
off which is good news for your family and the bank.
Sorting through mortgage
elimination programs
Mortgage elimination programs are all the rage these days.
In the event that you don't know what they are, it's a
really basic concept.
Home Loans
Buying a home remains the great American dream. Home
ownership rates have been exploding in recent years,
spurred on by the historically low interest rates in the
home mortgage market.
Bad Credit? Qualify
Yourself For A Zero Down Mortgage Loan
I decided to write this article today after closing a home
purchase loan for a couple that had some major credit
issues. They got into the house with ZERO down payment, and
only had to bring $600 for the closing costs.
Credit Problems? With a
Subprime Mortgage Lender, Poor Credit is Not a
Problem
Have you been turned down for a home loan recently because
you have a bad credit history? You may want to consider
applying for home financing with a subprime mortgage
lender. A subprime mortgage lender is one who specializes
in providing financing for people who are difficult for
most mortgage companies to finances, it could be because of
a low credit score, hard-to-prove income or a combination
of those factors with no money to put down.
5 Steps to Getting on
Top of your Mortgage
Getting on top of your mortgage so you can pay your loan
off faster and potentially save thousands of dollars on
your home loan is possible with a plan and consistent
effort. There are mortgage reduction strategies that you
can put into place that will ensure that your loan is paid
off more quickly without putting a huge strain on your
current budget.
|
used office furnishings-supplies-equipment-desks-cubicles-service-counters for
sale in Akron Ohio
Die cast model cars for sale in Akron Ohio
used cars for sale in Akron Ohio
unfurnished homes for
rent in Akron Ohio
first second
ARM compare rates find the best rates current in your area lenders read reviews calculator adjustable rate loan home lenders brokers
quotes florida houston gmac washington interest only 2nd software debt consolidation
reverse senior equity texas maryland options lending bad credit
option one ameriquest chase first banks emc residential california miami dallas est branch marketing
home company commercial yahoo online bad credit low credit no credit |
|