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Often it takes a few months - not even a few working hours - to get an estimate on the desk, not to mention the resources available. Borrowers are warned purchasers to delay three to four week for creditors to consider their mortgage applications and make an offering. However, an enquiry should be dealt with within one to two working weeks, with all necessary information provided in advance.
Most of the mortgage back ed institutions are the ones that offer the best interest rate. However, it does depend on what business creditors have - those who are fastest now may not have the same name as three month earlier. Although smaller creditors are slow, they often have more agility so they can prioritize pressing business needs more readily.
It is not only the purchasers who suffer from the delay. When you take out a mortgage and your claim is late, you may have to keep at your current lender's interest rates longer than expected - which may mean that you will be paying more if you do a more costly transaction. Also, keep in mind that most creditors now have stricter credit controls.
During the years up to 2007, credit requests were often brought forward to a few working days even for those with only one 10-payment.