Knowing how long it takes to get a loan approved is depended on many factors. Every application is unique, so the time between your first contact with your bank or broker and approval can never be predetermined. There are, however, some things you can do to help hurry your application along.
If you’re not prepared, it could take up to a month. The most common reason for a delay is a lender’s turnaround time to assessment, especially when some lenders have competitive offerings and experience larger application volumes, but a lack of preparation can cause this delay to snowball.
A good finance broker like Lending Partner will help you take all the necessary steps to ensure fast home loan approval, but there are simple ways you can help hurry the process along before your first meeting with your broker.
Here are some quick tips for the same:
- Have your paperwork ready
- Get pre-approval
- Reduce your expenses and debts
- Consider talking to a professional
- Sign and return any forms as quickly as possible
- Know your credit score.
- Do your research
- Employ good financial habits early
- A correct and complete application form