Factors, causing delaying to the approval of mortgage application
When you buy a house, you remain busy in choosing the right one. However, apart from finding a house, you may also face confusions on mortgages. The process of applying for mortgage is intricate to most of us. The situation and various other factors of the real estate investors are different, and they deal with a range of issue while applying for the mortgage. The most common problem to the mortgage is the delay in getting approval for the mortgage loan in Illinois.
Lots of things may negatively affect the timeline for having the mortgage.
Status of employment
You earn an amount every month as your regular source of income, and this amount will help you to make out whether you will be able to afford the chosen house. For instance, while you are unemployed or do a job on part time basis, it will affect the time to get mortgage approval. It is essential to ensure that you are doing a job, which covers the monthly payout.
How much debt you have at present?
You know that the debt amount may cause adverse effect on the property to be afforded. Simultaneously, the creditor will not have a good perception on your financial condition. Thus, while you are buying a house in Illinois, you can try to pay off a part of the debt. This will reduce the risk of rejection of your application.
Delay in the submission of the requested documents to the creditor-
The lender may ask you to submit driver license copy, pay stubs and various other documents. While you have not submitted them within ten days, the lender will delay in paying you the mortgage.
Your IDs are not valid-
The ID proofs, submitted to the lender, must remain valid till the closing of loan. Thus, it is better to check out the date of expiration dates. This is one of the major factors, delaying the mortgage application process.
Credit score- Is it low?
Most of the mortgage providers and lenders assess your present credit status and credit score. While your credit score is low, the lender may not easily give approval for the mortgage application. Thus, there is a chance of getting the fastest approval with the higher credit score.
You should show the credit report to the lenders. It is also essential to check all the details to find out any mistake in them.
Making Credit purchases-
When you have already signed a contract, you must not use your Credit card to make lots of other deals. At that time, it is better to avoid buying car, dryers, furniture or any other item. Never make new deals to prevent any negative effect on the credit scores.
How much down payment you have made?
20 percent down payment is the best option to you while there are low credit scores. It will increase the chance of having the mortgage loan very fast.
Nicholas Lambrinatos to help you with mortgage scheme-
Try to keep away from the factors, resulting in delay to the mortgage application process. To get the mortgage from the best lender, you may start a discussion with Nicholas Lambrinatos. Nicholas as established a reliable mortgage firm in North Shore of Chicago. Nicholas, the CEO of the company, will show you the right path to find the best mortgage option for buying a house.
Resource box-
Lots of debtors get frustrated while they do not get the approval after sending the mortgage application. Nicholas Lambrinatos helps them to have the right amount of mortgage for buying a real estate.
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