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"Could anything delay approval of my loan?" If you provide the lender with complete, accurate information, everything should go smoothly. You may face a delay if the lender discovers credit problems - a history of late payments or nonpayment of debts, or a tax lien. you may then be required to submit additional written explanations or clarifications. You should also be sure to notify your lender if your personal or financial status changes between the time you submit an application and the time it is funded. If you change jobs, get an increase (or decrease) in salary, incur additional debt or change your marital status, let the lender know promptly. Many delays can be avoided by being pre-approved prior to starting the purchase process. Pre-approved means that a mortgage or real estate professional has examined, submitted and received acceptance on your financial capabilities of qualifying for a mortgage based upon your income to debt ratio, loan information, and credit profile. Pre-approval is a step beyond pre-qualifying. In a pre-approval we send the credit part of the loan package to the lender and get you approved for a certain type of loan with a particular lender before you have found or made an offer on a property. The loan professional that has made this information available to you specializes in assisting those individuals with obtaining a home loan whether for purchase or refinance. Your loan professional in most cases can advice you on the best approach and help you with your specific loan requirements.
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