Whenever people want to buy a house, mortgages are our first choice. It's a major way to buy a house. However, an in-depth understanding of how long it takes to approve a mortgage is essential. It'll have an impact on your house purchase plan。

How long does it take to apply for a mortgage

Typically, the time taken to approve a mortgage is approximately 15 to 20 days. However, specific time depends on individual circumstances and banking policies. During this period, purchasers are required to provide such materials as identity cards, income certificates and property certificates. The bank reviews these documents, including reconciliation of the income and credit records of the purchaser. In addition, they assess the collateral to confirm its value。

Loan applications can be divided into the following steps:

1. The borrower submits a loan application to the bank and provides relevant material。

2. Organizers review and approve the application after the bank receives it。

After review and approval, the borrower opens a deposit account at the bank。

Once all the formalities have been completed, the bank will issue a loan。

The loan approval process includes the following steps:

1. After the submission and application for a loan, the loan manager of the bank prepares a report for review。

2. Once the loan material has been received by the approving authority, the review is followed by a review。

3. If the loan material is reviewed correctly, the loan will be submitted to the leadership for approval and will be completed within approximately three days。

Following the approval, the review department will hand over the approval notice and the materials to the operator, after which the loan manager may apply for a loan。