"I've been overdue for five months in a row. Can I apply for a mortgage?" This is a problem for many people. As one of the main ways to buy a dwelling, the threshold for application is not low。

Five months in a row

If you have been overdue for five consecutive months, this has been found to be a serious delay in the record of receipt. So you can't apply for mortgages, you can't do other credit. First of all, you have to pay off all the arrears and wait for the overdue records to be removed from the call letter, while at the same time redeeming your good letter of request, before you can start applying for a mortgage. It should be noted, however, that the overdue records will remain in the letters of request for five years after they have been repaid, so that you will not be able to resume eligibility for the mortgage until five years have elapsed since the arrears were paid。

Of course, different banks have different criteria for credit ratings. Some banks require that you can apply for a mortgage even if the overdue record still exists, provided that your late record is kept for more than three years。

For those friends who are already on the path of applying for a mortgage, the question becomes: "How long will it take after I have submitted a mortgage? Under normal circumstances, as a result of the need for a full review of your situation by the bank, the results will be known to you approximately seven working days after the submission of the application。

Then you'll enter into a contract with the bank. If you pass this step, a loan contract will be signed. Under all normal conditions, the bank can complete the loan within 15 working days。

HOWEVER, CHANGES WITHIN BANKS, NEW CENTRAL BANK REGULATIONS, CHANGES IN LPR INTEREST RATES, OR NEW, SERIOUS DELAYS IN RECORDING YOUR LETTERS, MAY LEAD TO DELAYS IN THE LENDING PROCESS. EVEN SO, WITHIN ABOUT 30 WORKING DAYS, YOU'LL BE ABLE TO GET AN APPROXIMATE RESULT。

The busy operations of banks, insufficient staff and inadequate loan lines can affect the pace of lending, leading to longer lending periods, which may take up to two or three months。

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