It usually takes about 1 month to get a mortgage loan approved. During this process, the lender can check the loan progress in some ways. You can directly call the bank customer service to inquire about the progress of the mortgage approval, or log in to online banking, Mobile banking to check loan approval progress. If you want to increase the speed of mortgage loan approval, please try to submit accurate, true, and complete information so that the bank will enter the review stage as soon as possible after receiving the information.

Process of mortgage loan approval

1. Loan applicant provides loan application form and loan materials

Lenders need to prepare loan materials before applying for a mortgage and loan application form. If you are not sure what loan materials you need to prepare, you can consult the bank when you go to the bank to get the loan application form. Loan materials usually require proof of marital status, ID card, household register, income certificate, bank statements and spouse's identity certificate. (Consult yourself, and the bank’s answer shall prevail)

2. Enter the account manager into the system.

After the loan applicant provides the loan application form and loan materials to the bank account manager, the bank account manager needs to conduct a preliminary review of the lender's materials to see if the materials prepared by the lender are complete. If not, The bank will require the lender to be fully prepared before applying.

Subsequently, the bank will determine the loan repayment method and loan interest rate with the lender, and sign a credit authorization letter with the lender. Next, the bank will understand the credit status of the borrower through the borrower's personal credit report. Usually, a bank with a serious personal credit record will directly refuse a loan to a lender, while a bank with a slight record will determine whether to allow the lender to pass based on the bank's loan situation in all aspects.

After passing the preliminary review by the account manager, the bank needs to enter the lender's information into the system and scan and upload it. It may take a long time for the bank to enter the lender's information into the system, because each account manager cannot have only one lender, and each account manager may need to deal with dozens of customers at the same time. . After entering the lender's credit materials into the system, the bank will submit the lender's credit and loan materials from the system to the leader for review.

3. Review by the credit review department

After the account manager submits the lender's materials from the system to the leader for review, the lender's materials will enter the credit review department. At this time, the credit review department will not review the lender's personal qualifications in too much detail. However, banks usually focus on understanding whether the borrower’s personal credit record is good and whether the documents submitted are complete.

4. Approval by Approvers

The bank will have a group of people who specialize in approving housing loans. Banks will duplicate the reviewers' work. If the bank does not find any problems during the re-examination process, then the lender's mortgage loan is basically guaranteed to be approved.

5. Bank loan

After approval, the account manager will notify the lender to go to the bank for an interview and handle other mortgage procedures. Then, the borrower can go home and wait for the loan to be disbursed. After the loan is disbursed, the lender needs to start paying back the mortgage every month.