Washington State Real Estate Practice Exam 2025 – All-in-One Guide to Master Your Real Estate License!

A typical cause for a buyer to experience mortgage delays is insufficient documentation or issues with the borrower’s credit history. During the mortgage application process, lenders require comprehensive financial documentation to assess the borrower's ability to repay the loan. This includes income statements, tax returns, and information about other debts. If any of this documentation is incomplete, inaccurate, or missing, it can substantially slow down the approval process as lenders may need additional time to verify information or request further documentation from the borrower.

Additionally, any issues with the borrower's credit history, such as low credit scores or negative credit events (like missed payments or defaults), can complicate the underwriting process. Lenders may need to conduct a more rigorous review, negotiate terms, or suggest alternatives for financing, all of which can extend the time it takes to finalize the mortgage.

While market fluctuations, changes in loan interest rates, and buyer indecision can affect the overall home purchasing process, they do not directly cause delays in mortgage processing in the same way that documentation issues and credit problems do. Thus, focusing on the completeness and accuracy of the borrower’s application is critical for avoiding delays.