How long does it take to arrange a mortgage?

Taking out a mortgage: how long does it take?

How long does it take to arrange a mortgage?

How long does it take to arrange a mortgage? That’s a question that will undoubtedly come to mind when buying a house. You’ve been looking around for quite some time and finally you’ve found your dream home. But you’ve no idea how long it will take to complete the financing of your new home. What is the average time of a mortgage application and what can you do to speed up the process? We’d be happy to tell you more about taking out a mortgage and how long it takes before you are at the notary.

Taking out a mortgage: how long does it take?

Applying for a mortgage takes on average between 4 and 8 weeks. This is the period between the consultation with a mortgage adviser and the final agreement from the lender. Sometimes an application can be completed in 1 week and sometimes it takes a little longer, for example in the case of a divorce. Although the mortgage process consists of various phases, you can have a positive influence the process. We’ll return to this later. You are, however, also dependent on external factors and sometimes there is no other option than to wait patiently. As mortgage adviser, we naturally do everything we can to speed up the process.

How long does it take to complete all phases?

After finding your dream home and reaching a deal with the seller, you can quickly sign the preliminary purchase contract. Then the process really starts. We split the application process into different stages. We’ll assume here that it takes the maximum time.

Stage 1

For the financing of the home, you’ll need to map out your financial data. You should do this in consultation with us as your independent mortgage adviser. Based on our advice, you can choose a mortgage (including term life insurance) that suits you best and we then submit the application. We spend an average of one week on this.

Stage 2

You will receive an offer for the interest rate from the mortgage lender of your preference. You should only sign for approval after checking with us as your mortgage adviser. The mortgage lender must receive your agreement as a buyer within 2 weeks.

Stage 3

A lender would of course like to know whether you are able to bear the mortgage burden. He will therefore take a close look at your financial situation and will need a number of documents for this. Send these to your mortgage adviser in good time. There is a time frame of 4 weeks for the submission of the documents and the assessment.

Stage 4

After the documents for the mortgage have been fully assessed, you will receive a final offer from the lender. Check the documents with us as your mortgage adviser and return them signed. Your mortgage is arranged once final approval has been received from the lender. There is also a period of 2 weeks for this.

Stage 5

When all the paperwork has been prepared, you go to the notary for the transfer. You sign the mortgage deed and the deed of delivery of your house. Of course, the notary also has to perform the necessary work. Allow about 8 days for this.

What you can do to speed up your mortgage application?

How long does your mortgage application take? Look at it in a different light and discover what you can do to speed up the journey. We’ll give you a number of mortgage tips:

  • Make sure you are well prepared. If you look into things well in advance, you will spend less time in the application process.
  • You can prevent a delay in the application by being honest about a possible student debt, BKR registration, being in the red on your checking account or another loan that you have.
  • Return the interest rate proposal from the mortgage lender as soon as possible. There are 2 weeks set aside for this, but you can shorten this time considerably by responding quickly and adequately.
  • Submit required documents for an application as soon as possible. The sooner you deliver, the sooner you will receive a final agreement.
  • Do you want to make use of the Starter Loan? A mortgage adviser will not request this for you. You should start the application for a Starter Loan as soon as you sign your purchase contract.

Do you have a house in mind and do you want to know what your options are? Come and visit us as a mortgage adviser and find out if you can finance your dream home. Both starters and entrepreneurs are welcome, but also people who switch from an existing owner-occupied home to a new owner-occupied home. The first meeting is always free and without obligation, so drop in to visit us!

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