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It can take from several days to several weeks to process a loan application. The length of time depends on the mortgage environment, the size of the lender, and many other factors. Be realistic. It may take several weeks for your loan to go through. If your loan is not particularly profitable, expect it to take even longer. Money talks. Make sure your broker knows you will be looking at other options too. This will help to keep thing moving. Make sure your rate lock is long enough to cover any delays that "might" occur (assume that there will be delays).

When applying for a loan make sure the mortgage broker expalins to you all the documents you are going to need. It is a good idea to gather this documentation together well before you apply for loans. Make copies of everything. This will help when the lender "mis-places" your documents during the application process. Also, if you do not have one already, it pays to invest in a fax machine for your home. You will be faxing documents back and forth for several weeks. Make sure delays on the lender's end do not become delays on your end.

Since rates are so low right now, it does not make financial sense to select an adjustable rate mortgage. Yes, you may save some money in the beginning, but rates are almost certain to go up. That is why most loan brokers and banks are encouraging people to take out adjustable rate mortgages. They know it is in THEIR best interest, not yours.

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