Hond Financial

There is one question which nearly everyone who is applying for a bond has. This is how long will it take to get an approval on a bond request. This is a good question because knowing the time frame can help people be prepared to begin the moving process. It is also important to consider what kind of time frame will be required to sell an existing home and to move into the new home.

Unfortunately, there is no solid answer which exists to the question of how long a bond approval takes. In most cases the entire process will take right around 30 days. At times it can take a bit longer than 30 days. It is extremely rare for it to take less than 30 days but this does happen on a rare occasion.  The pre approval stage can make it seem less complex than it is because this stage only involves checking income. Final stages are more complex because they must go through a number of different people.

The first stage of the bond approval process involves lenders verifying your identity and your income. This is done as the application moves through a number of different people. Legal documents which are furnished by your employer will be required. This is designed to show the lender how much income you make. If you are self employed you will almost always need to be able to furnish at least 2 years of income reports which demonstrate that you are successfully making money.

The biggest factor which affects time on this is the process of collecting and organizing all of the information which you are submitting. It may seem like it shouldn’t take that long since in general there isn’t that much information but you must keep in mind that your bond request is not the only request the lender you are using will have. They may be contending with hundreds of requests at the same time.

Another thing which can lead to a time delay, sometimes even a long one, is when you have a document which you are unable to locate which the lender has requested. This often leads to you needing to acquire the document from a third party source and at this point you are waiting on that third party source as well.

Avoid situations like these by being prepared. You can assemble all of these documents before you even go in and see a lender for a loan application. Often times it is the buyer that is the hold up with paperwork. Having your documents ready before they ask is a great way to speed up the process and get the home closed on time.

After you have submitted all of your paperwork and it has moved through the lenders process it will finally be submitted to an underwriter. It is likely that the underwriter will request additional information to verify information which was found on the submitted documents or to determine other factors which may affect the bond. Being quick to reply to the underwriter is the most important thing you can do to ensure that your bond request moves through this stage as quickly as possible.

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