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Get Your Mortgage Needs Met with O1ne Mortgage

At O1ne Mortgage, we prioritize your financial education and well-being. Whether you’re looking to buy a new home or refinance your current mortgage, we are here to help you make the best decisions. For any mortgage-related needs, feel free to call us at 213-732-3074.

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

Applying for a mortgage can be done online, by phone, or by mail. Regardless of the method, you’ll need to provide personal information such as your name, address, income, Social Security number, and employment status. If you apply online, you might get approved almost instantly. However, if your application requires a manual review, it could take a week or more. Applications submitted by phone or mail typically take longer to process.

How Long Does It Take to Get Your Mortgage?

Getting approved for a mortgage and receiving the funds are two different steps. After approval, it can take from seven to 10 business days to finalize the mortgage, depending on the lender. Some companies offer expedited processing for an additional fee.

How to Get Your Mortgage Faster

There are a few ways to expedite the mortgage process:

Get Preapproved

Preapproval can speed up the mortgage process. By providing some basic information on our website, you can see if you prequalify for a mortgage. Preapproval involves a soft inquiry on your credit report, which won’t affect your credit scores. While preapproval doesn’t guarantee final approval, it does increase your chances.

Choose a Lender That Offers Instant Access to Funds

Some lenders allow you to access your mortgage funds immediately upon approval. This can be particularly useful if you need to act quickly on a property purchase.

How to Get Approved for a Mortgage

Knowing your credit score can help you choose the right mortgage. If you have excellent credit, you’ll likely qualify for favorable terms and higher loan amounts. If your credit is fair or poor, your options may be more limited, but there are still mortgage products available for you.

In addition to your credit score, lenders will review your income and credit report. They will look for any red flags, such as delinquent accounts or late payments. It’s a good idea to check your credit reports from all three credit bureaus before applying for a mortgage. You can do this for free through AnnualCreditReport.com.

How Does Applying for a Mortgage Impact Your Credit?

When you apply for a mortgage, the lender will perform a hard inquiry on your credit report, which can temporarily lower your credit score by a few points. This impact generally lasts only a few months. To minimize the effect, try to limit the number of hard inquiries on your credit report.

If you plan to apply for multiple mortgages, credit bureaus typically treat multiple hard inquiries for the same type of loan as one inquiry, as long as they occur within a short period. However, this benefit usually doesn’t apply to multiple credit card applications.

Using Your New Mortgage

Once you have your mortgage, using it responsibly can help improve your credit score. Make sure to make your payments on time and keep your balance low. This can make it easier to get credit in the future.

For any mortgage-related needs, call O1ne Mortgage at 213-732-3074. We’re here to help you every step of the way.

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