The time taken for closing the mortgage loan would vary from one mortgage program to another. It would also be based on the different situations of the homeowner or homebuyer along with processing efficiency of the respective lender. However, you would be required to assume that your typical mortgage loan would take approximately four to six weeks for closing the loan starting from the date of application made to the mortgage lender. The most common major ingredient in the process would be you having completed the application at the earliest. You should understand the fact that several loans would need a slightly lower duration for reaching the closing process.
The major aspect to estimating the closing date would be the day of the completion of your application. You should be rest assured that simply submitting the mortgage application would not be deemed sufficient. On submitting the sun west mortgage application, you should ensure that it has been accompanied with verification of the income. It should be inclusive of two recent pay slips along with past two years tax returns. It would also be inclusive of any relevant and essential document that the mortgage lender deems necessary for pre-approval of mortgage loan application.
Mostly, the mortgage lender would need bank statements ranging up to six months from primary financial institutions, purchase agreement, proof of cash down payment along with letter of explanation for explaining the negative entries on your credit report.
Effects of incomplete mortgage applications
Most primary mortgage categories would need around similar time for reaching closing. However, you should be rest assured that incomplete application would delay the process. In event of the lender asking you for providing additional documents, for instance, letter of explanation, you should try your best for responding in an instant manner.
Mortgage lenders would look forward to closing the loan quickly. However, they would need completed applications for making decision on the final approval. It would be pertinent that incomplete applications would be useless to them. Sun West Mortgage would put the applications aside while waiting for requested documentation from the borrower. You should not put off the closing date by delaying in providing the additional information as quickly as possible.
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