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.

When getting a home bond, you will need to figure in that it will take roughly 30 days to get the bond approved. It is known that the process will at least take this long, usually never being shorter than 30 days. It is common, however, that the bond closing length does take more than 30 days sometimes. During this time, you will be providing evidence that you can repay your bond back to the lender over the appropriated time as outlined in the contract.

The first stage of the 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 thing that affects the time on this is the process of collecting and organizing all this paperwork. If you stay on time with getting the documents in when they request them then you can shorten the time frame a bit but in the end you are still going to have to wait for the lender to move through the documents. You must keep in mind that your bond request is not the only7 bond request that the lender you are using has to deal with.

Another thing which commonly leads to a delay is if you do not have some information which the lender needs for whatever reason. If this ends up being true then it is likely that you will have to deal with a third party in order to get whatever the lender is requesting. What this means is you now have another company you have to wait on.

The most important step you can take to shorten the time as much as possible is to be completely ready to go from the beginning. Talk with your lender’s representative and determine exactly what you will need throughout the entire process. Once you know what you need get it all in order and place it in a folder for easy access.

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.

Susan Reynolds is the webmaster for a leading South African bond originator. For more information visit: http://www.bondcredit.co.za/