Learning the Monthly Mortgage Cycle

One thing that’s very rarely considered among people looking for a mortgage, especially first time home buyers, is the monthly timing of lenders and the overall market. The mortgage world works on a monthly cycle that’s continuously rolling over, and knowing a few details about the ins and outs of this process can make your mortgage experience that much simpler and more straightforward.

As a premier mortgage broker in Utah, Altius Mortgage is here to help you with little bits of insider knowledge like these. How does the monthly mortgage cycle work, and how can this affect your experience? Let’s take a look.

Start of the Month

The beginning of the month is typically the time where lenders will be at their most devoted to acquiring and activating new mortgages. This is when loan officers will be most eager to return phone calls, answer emails and be proactive about reaching out to potential clients.

For the most part, this is because the cycle dictates this as the “business-gathering” period of each month. Officers should have already closed all their new loans for the previous month during the final week or 10 days of that previous month, and they’re now eager to begin racing toward their next quota. In general, the beginning of the month is by far the best time to apply for a loan if you have convenience and ease of communication with the lender in mind.

Middle of the Month

In the middle couple weeks of the month, lenders are primarily going about the business of gathering various documents and arranging loans to be signed and completed at the end of the month. This is the paperwork phase, if you will. This isn’t to say that loan officers simply won’t accept new applications during these periods, but rather that more of their attention is generally focused on this middle phase.

End of the Month

The end of the month is closing time. Officers are racing to get all their new loans from that month closed out to meet their general quotas, and clear their slate as much as possible before the new month begins. This is the worst time to file for a new mortgage, especially if you’re looking for quick approval or any individual attention.

Now that you have a basic understanding of the mortgage cycle, you’re ready to learn more about all our professional mortgage services at Altius Mortgage. Speak with one of our brokers about your options today.