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The Right Time To Apply For A Mortgage

The Right Time To Apply For A Mortgage

Every mortgage lender has a regular monthly business cycle, so when is it the right time to apply for a mortgage?



The loan application process should be started within the first few business days of the month. At this time of the month, lenders are hungry for new business. Loan officers and processors are willing to return your calls and will carefully review loan applications and terms.

The worst time to apply for a mortgage is in the last week of the month. This is because lenders will be busy closing loans in order to meet targets and compensation goals.

Applying at the beginning of the month will ensure you get that extra attention.

You can improve your experience with a lender with these helpful tips.

Get Organized

A lender will ask you for a lot of financial documents, so you should be ready for this. Get organized and have everything that you need at hand.

A Complete Application

It is a good idea to be prepared and ensure that you submit a complete set of documents with your application. This will speed up the process and your lender will be able to send your loan for underwriting straight away.

Detailed Information and Explanation

You should think about how your application will look to a risk underwriter. If there are any quirks in your financial history, you should explain these. These things may include gaps in employment or any credit pitfalls.

Expect Delays

Your rate lock should include a few buffer days. This is to ensure that you do not lose your rate due to delays that are out of your control.