10 Things That Can Cause A Delay In Getting A Mortgage

By Jason Gelios REALTOR®️

Slow to submit the offer
Taking too much time to get your offer over can slow your mortgage process down. TIme is always of the essence when submitting an offer and getting the accepted offer over to the lender.

Not signing mortgage disclosures
When you apply for a mortgage the lender will send you disclosures that need to be signed due to the nature of your information. Not signing these can delay your process.

Lender is not efficient
Making sure you choose the right lender that has effecient processes in place can slow down the process. Make sure the lender you choose has processes in place for a fster process.

Taking your time scheduling inspection
Most home inspections have to be scheduled within 7 days. Taking too much time to schedule this can stall you moving to the next step.

Appraisal is ordered slowly
The mortgage process can be delayed if the lender waited too long to order the appraisal or the buyer did not get the necessary info over to the lender to get it ordered.

Buying ‘stuff’ on credit during the process
If the debt to income is high for the applicant and a large purchase pushes that number even higher, that can cause issues with the lenders underwriter. This may also cause the applicant to no longer be approved for the loan.

Cash Deposits in bank account
Putting large cash deposits into a bank account can require an explanation from the applicant. During the mortgage process these things are monitored.

Expired drivers license or ID
Expired ID’s and licenses can cause a delay in closing due to requirelments stating these have to be current. While this is probably rare, it can happen.