Asking a Mortgage Broker how long it takes to get your loan approved, is like asking someone how long a piece of string is. Every application is different, so the time between your first contact with KLM finance and approval can unfortunately not be predetermined. However, there are some things you can do to help speed up the process.
It is very rare to have same-day loan approvals but they are possible! This all depends on the lender’s criteria, the complexity of the deal and turnaround time. “In my experience, this has been possible when the client’s lending position is fairly straightforward in terms of employment, asset and liability position,” says Principal of KLM finance Kerry McKenzie. “Also, if a valuation wasn’t required due to a low Lending Value Ratio and both parties were happy with the contract price.”
If you’re not prepared, your loan approval could take up to a month with the most common reason for a being the lender’s turnaround time to assessment due to some lenders having competitive offerings and experience larger application volumes. A lack of preparation can cause this delay to snowball. “When there are such delays and then a lender must organise a valuation or request further information, this can lead to a lengthy process time,” says Kerry.
Kerry will help you take all the necessary steps to ensure a fast home loan approval, but there are simple ways you can help hurry the process along before your first meeting with Kerry.
Disclose all information
Ensure your lender has a thorough understanding of you as an applicant including appropriate identification of all borrowers. Provide all the supporting and necessary documents upfront to Kerry, and convey as much detail as possible in relation to your requirements and objectives and have good, current information on your financial position. Kerry will need to not only have your full financial details but will also need to take reasonable steps to verify it.
Skip the valuation queue
Not all applications require a valuation, depending on the property and lending institution, and forgoing this step can save a considerable amount of time.
To ensure your application avoids any unnecessary delays, speak to Kerry at KLM finance who is a MFAA accredited finance broker.