How Long Will the Mortgage Process Take?

How Long Does It Take to Get Approved for a Mortgage?

We are living in the age of technology where most of the work is automated and has been outsourced to technology or call it a developing Artificial intelligence or an AI system. Just the way no matter what you type on Google and you get the answer in a few mill seconds.

Typically in a bank when applying for a mortgage. When you give out your loan application. The data is being into a system or software. The Loan Officer requests that all the info that he has fed into the system or software on his computer while the borrower gave out the application on phone. The documents are required to support the data fed into the software.

The Loan Officer just like going to Google runs the application information using a govt or a banking software and in a few milli seconds, he has the answer from the software. That the mortgage has been approved or denied. Yes its that fast and that simple. 

However, one can feed any information into the automated system and get an approval. Hence the information fed into the system needs to be vetted manually and that is where it takes time.

There is an acceptable level of deviation that is allowed by the automated software but if the deviation is more then additional paper work may be required.

Remember the software is a preliminary evaluation. Its verdict can be final only when the documents support the information fed into the system. 

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