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Sam

The speed at which a loan application is considered and its approval is decided upon is better adjudged by the mortgage companies. The lenders have their own working standard and own time constraints for consideration and disposition of decision. However, regardless of anything else, it is a fact that if one can provide all the information and documents the lenders require in a prompt manner, then the process of loan approval becomes faster.

The lender needs to scrutinize the applicant's documents relating to personal finances-earnings, monthly expenses and debts to find out the willingness of the applicant and his/her ability to repay the mortgage. They need to verify by examining the applicant's file at the Credit Bureau - checking for timely bill payments. The accuracy of the credit file is of importance and the indications regarding credit history from the credit file are crucial in considering applications.

The following are especially weighed before making loan decisions:

Down payment:
The lender checks whether the down payment provided is sufficient. In case it is insufficient for any particular loans program other types of mortgages with lower down payment requirements can be provided.
Appraisal:
The appraisal value of the property is of importance in judging the size of the mortgage sought. The appraisal may not have been up to the expectation of the applicant. If there are valid reasons for dissatisfaction and the applicant claims undervaluation of property then a re-examination of property can be sought.
Credit history:
The lender has certain set standard debt ratios. The applicants' debt ratios should compare and comply with these standards while deciding upon and sanctioning of the loan grant. One's level of debt or credit history is required in order to gauge ones ability to afford monthly payments necessary to repay the loan.

It takes time to consider all these. The time taken for weighing the pros and cons of various facets of the applicant's financial situation varies from lender to lender. The speed of loan approval varies accordingly.

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