Step 8 to Buying a Home: Securing A Mortgage
As soon as you have an accepted purchase agreement, send your executed contract to the mortgage lender as they need to do a lot of steps to ensure that your loan will be approved and funded on time for the closing. If you did not send all your financial and other required documents, now is the time to send it to them. Since normally the time to get a mortgage approval is only 3-5 days, it is extremely important that you gather and send all the requirements together to avoid delays. If you sent your contract promptly, the mortgage lender will have the time to send your home for appraisal so they can give you a firm approval right away. Typical issues that arise on a mortgage approval despite having been pre-approved are income documents not satisfactory or the employer / HR is not responding when they called to verify employment and income. You need to be a permanent full-time or part-time employee in order to consider your income. Any income that is not declared (under-the-table) are not considered in the computation of income for mortgage purposes. If you’re a seasonal or part time employee, you need to be in the same industry or line of work for the last 2 years to consider your income from this source. If you are job hopping, it might be challenging to prove your income and this takes a longer time to verify so this may delay your approval that’s why it is important to take care of all these things prior to actively searching for a home. Another reason for delay in securing your mortgage is the appraisal report. Some mortgage lenders choose to do the appraisal on the week of the closing. This is very stressful for both you and the sellers. If you choose to process your mortgage thru us, we will do our very best to have the appraisal done during the 5-day conditional period to ensure that we get the deal on time every time.