It is well known that loan buying is the preferred option for many, as it not only eases the pressure for one-off payments, but also leaves some family reserve. However, many people do not know much about the specific process and timing of loans. Let's talk about how long it's gonna take from application to approval。

How long will it take to get a mortgage

First, under normal circumstances, it takes approximately 15 to 20 days for the entire process from submission to completion of approval. Of course, this presupposes that all the material you have submitted must be complete and that no problems were identified by the bank during the audit process. If your information is incomplete or incorrect, the time will be considerably extended。

In granting loans, banks focus on several aspects. The first is the value of the property itself. Banks assess whether the property is eligible for loans based on market conditions, housing location, environment, etc. Banks may not approve loans if the property is of low value or if there are other problems。

Second, the bank will check your personal credit records. If you have poor credit records, such as in the case of overdue repayments, the bank may refuse your loan application. In addition, the bank will require you to provide a series of documents, including a contract for the purchase of a house, a personal letter report, a certificate of income, a bank pass, an identity card, an account book, etc. If you are married, proof of marriage is also required。

It is important to note that banks tend to tighten their lending policies at the end of each year and may have extended approval times. Therefore, if you intend to apply for a loan at the end of the year, it would be preferable to be prepared well in advance to ensure that all materials are complete so as not to delay progress。

In short, loan purchases, while easing economic pressure, also require some preparatory work. I hope this article will help you。