Mortgage and Refinancing Information Channel:
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Applying Online For A Home Loan Can Give You an Instant Approval"Instant Approval For Home Loans" is a common refrain for online mortgage lenders, but sometimes instant is longer than you think. During regular business hours with a typical application, you can expect the databases to approve your application almost immediately. However, any glitch in the system will require the intervention of a person, which adds a time delay. The following lists the most common reasons for a delayed mortgage application. While you can prevent some of these delays, most are caused by the mortgage lender's system. So just because your mortgage application is delayed, don't assume it has been denied. Complete The Application Many applications are returned due to incomplete information. Start the application process by collecting all your financial and employment records, so you have the information on hand. After you have filled out the forms, double-check it for partial names and addresses before you press the submit button. Details Count Approvals of mortgage applications are based on databases communicating with each other. You enter your address on the site and the mortgage lender verifies the information from several different sources. If there is a discrepancy between the information, the mortgage lender's system will flag the application for review. You can try to avoid this delay by making sure address and names are complete. However, if the information was entered into the database incorrectly by a third party, then you will have to wait for a review. Changes Take Time To Catch Up If you have moved, changed jobs, or made any other significant changes to your personal or financial situation, it probably won't show up in the databases yet. Put your current information on your application, but expect a delay as the information is double-checked. Database Delays Databases are wonderful devices when they are working. However, databases need maintenance, repairs, and upgrades. These downtimes usually occur late at night or early morning, and sometimes during business hours. Waiting Out Delays After one business day, if you can't wait, contact the mortgage lender either through email or over the phone to check the status of your mortgage application. A customer service representative will be able to tell you the reason for the delay and the time it will take for your application to process. To view our list of recommended mortgage lenders online, visit this page: Recommended Mortgage Lenders Online. Carrie Reeder is the owner of ABC Loan Guide, an informational website online about various types of loans.
MORE RESOURCES updated Mon. January / 06 / 2025 Mortgage and refinance rates for Jan. 3, 2025: Average rates end week at highest levels in 6 months AOL 5 strategies to get the lowest mortgage rates in 2025 Yahoo Finance Today's Mortgage Rates | Where Will Rates Go This Year? Ask Trump. Business Insider Mortgage and refinance rates today, December 31, 2024: Rates decrease across the board Yahoo Finance Today's Mortgage Rates by State – Jan. 3, 2025 Investopedia Today's Mortgage Rates | When Will Affordability Improve? Business Insider Today's Mortgage Rates | Rates Start the Year Higher Business Insider January Mortgage Interest Rates Forecast NerdWallet Will Mortgage Rates Go Down in 2025? Ask Again Later. U.S News & World Report Money Best Mortgage Refinance Lenders of January 2025 Business Insider Today's Mortgage Rates | Rates Are Supposed to Drop This Year. But It Depends on the Economy. Business Insider Best mortgage refinance lenders of January 2025 Yahoo Finance 15-Year Mortgage Refinance Rates: Compare Current Rates Business Insider Best cash-out refinance mortgage lenders of January 2025 Yahoo Finance How to get the best refinance rate on your mortgage Bankrate.com Mortgage and refinance rates today, December 24, 2024: Rates remain unpredictable ahead of the holidays Yahoo Finance Rise in rejected mortgage refinance applications nationwide ABC 10 News San Diego KGTV Refinance Rates Today: Compare Mortgage Refinance Offers Business Insider How to Decide If a Mortgage Refinance Is Right for You U.S News & World Report Money 30-Year Mortgage Refinance Rates Business Insider Today's Refinance Rates by State – Oct. 7, 2024 Investopedia Mortgage Refinance Rates Climb to Two-Month High Investopedia 30-Year Refinance Rates Creep Back Up Investopedia Mortgage Refinance Rates Are Down, But Should You Refi to a 30-Year, 20-Year, or 15-Year Mortgage? Investopedia Mortgage Refinance Rates Drop Back - Sep 24, 2024 Investopedia Mortgage Refinance Rates Climb to New 2-Month High Investopedia When Should You Refinance Your Mortgage? Bankrate.com Today's Mortgage Rates by State – Dec. 30, 2024 Investopedia Mortgage Refinance Rates Dip Lower - Sep 30, 2024 Investopedia Mortgage Refinance Rates Drop for a Third Day Investopedia Mortgage Refinance Rates Drop Again Investopedia Should You Refinance Your Mortgage In 2024? Bankrate.com Today's Refinance Rates by State – Oct. 8, 2024 Investopedia Should You Refinance To A 15-Year Mortgage? Bankrate.com 30-Year Refinance Rates Inch Down for a Second Day Investopedia Should You Refinance Your Mortgage Now That the Fed Just Cut Rates? Kiplinger's Personal Finance How to Refinance Your Mortgage NerdWallet Mortgage Refinance Rates Hit a 2-Week High Investopedia
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