How long does it take to apply for a mortgage? Here are 6 tips to speed up processing time and prevent financial damage if the request is delayed.
Mortgage loan processing time
Anyone buying a property wants to get clarity about the mortgage quickly. Especially now that the real estate market is overheating. Will the mortgage be realized and how long will it take to apply for the mortgage? If it is exceeded, for example in the event of an increase in the mortgage interest rate, it may also be necessary to show speed.
The execution time of a mortgage is the time that elapses between the request and the visit to the notary. Much remains to be done in this regard. Documents must be issued, quotes drawn up and signed, after which the deed is drawn up. The execution time of a mortgage can therefore vary.
How long does it take to apply for a mortgage?
In response to the question “How long does it take to apply for a mortgage”, we give on average 4 weeks. You can imagine that applying for a mortgage from a divorce entrepreneur may take longer. For an open-ended contract holder who takes out a mortgage for the first time, the application takes less time.
You also have some control over the duration of a mortgage application, for example by providing the necessary documents quickly and correctly. But you also depend on the speed of the lender and the notary. They must assess the documents in the case of a mortgage application.
In this article, therefore, we are only giving the average time to apply for a mortgage. We will be happy to give you a non-binding indication based on your contact details.
Tips for applying for a quick mortgage
We have some tips for you to apply for a quick mortgage:
1. Know what your possibilities are
Many buyers only think about the mortgage when they start buying a house. They then start the purchasing process, without knowing whether the funding will be paid. With the following tools, you can enter the purchasing process with a certain feeling:
- Before you even start exploring the housing market, you can get an indication of your maximum mortgage.
- If you really have a house in mind, you can immediately have an exact calculation done to find out if you can buy the house.
2. Start the mortgage application on time
Contact a mortgage advisor before you start buying. After an explanation of the mortgage process, you will immediately begin to file. To this end, you already provide a number of documents, for example to determine your income. You also make a number of choices based on your wishes and goals with the mortgage. The sooner your file is complete, the faster the request can be processed.
3. Choose an independent advisor
An independent advisory company offers mortgage loans to different lenders. Besides the lowest mortgage interest rate and the best conditions, you can opt for a short delivery time. An independent advisor knows the market and can direct you to lenders where your mortgage application is fast.
4. Collection of documents
During the mortgage process, you must submit several documents. The advisor indicates when the documents are needed and how they should be delivered. Do not leave these requests for too long and follow them carefully. Here are some examples of why the documents are rejected:
- If you forgot to scan the back of the identification document, you will not be able to do so.
- Documents are not copied neatly or completely.
- In the case of an overview of online accounts, the entire month is not visible.
5. Opening of the company
If problems are discovered during the file review, this often leads to delays. It may be a registration or study debt not listed on the BNB. A different leasing contract or valuation report may also give rise to additional questions from the fund provider. Openness and a good inventory of the advisor are therefore essential for applying for a quick mortgage.
6. Early haste is rarely a good thing
This proverb also applies to mortgage loan applications. So don’t let the real estate agent put you under pressure or a possible rise in interest rates. Too hasty decisions too often lead to more delays and major risks.
Promises such as a mortgage within a week can also create false expectations for consumers. In addition, the Financial Markets Authority is of the opinion that confusions should be “well informed and make well-considered decisions”. The regulator therefore prohibited mortgage lenders from advertising to expedite the process.
Consequences in the event of delay
The final agreement is an important moment in applying for a mortgage. This means that the mortgage is complete. If the final agreement is not concluded or is concluded too late, this will have major (financial) consequences for the customer:
- In the worst case, the sale will not take place and the customer will be fined 10% of the purchase price.
- Either the client is bound to an unfavorable mortgage contract for a new period.
Mortgage is not (on time) in the vicinity
If, unexpectedly, it is not possible to complete the mortgage application on time, it is important to limit the financial consequences. We have a number of tips on this:
- Quote : Choose the general conditions of the mortgage offer. It is often a little more expensive, but the interest rate offer is valid for a longer period or you can extend it for free.
- Purchase : always include the resolving conditions in the provisional purchase contract. In this case, you will not pay a fine if the mortgage does not materialize.
- Over-closing : the new mortgage will not be completed on time and the old mortgage will be renewed. Then select Variable. This avoids additional costs.