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How long should mortgage commitment processing take?

So my GF is - I think - about 90% through the process of purchasing her first home.

Offer accepted, Inspection complete, assessment complete.

She's been less than satisfied with the responsiveness of her broker - she never took my advice to line at least 3 banks up so she could pull the trigger with a different one if... well if anything.

Anyway - she's been told no that the assessment is complete, the bank will take two to four weeks to come back with mortgage commitment. After which she can schedule the closing.

I've purchased a home in the past but it was in Delaware - where everything is much, much easier (than NY).

Does that two to four week timeframe sound reasonable?


- Amsterdam, NY (not Yuba City - had to come back and edit)

  • January 22 2010 - Yuba City
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Answers (5)

Dave, I have found telling my wife "I told you so" has rarely resulted in any benefit to myself :)
  • January 22 2010
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Profile picture for Dave Swart
That's the sad thing: I think it's just poor choice in who she worked with.  Her credit is 750+, agreements were all in a timely manner. 

A prime 'I told you so' opportunity - but I choose those wisely :)

Thanks guys.
  • January 22 2010
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Assuming that all of her information has been collected before the appraisal was done then 2 weeks should be the longest it takes.  4 weeks is ridiculous.  For those of you reading this and haave yet to start the process, this is an important question to ask when feeling out different lenders.  Now this person may be running into an expiring rate lock or worse a breach of contract.

  • January 22 2010
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Dave, the information is incomplete so it's hard to answer specifically.  Most professionals would have a purchase loan done in 3-4 weeks max from the day the application was taken to close of escrow.

Under the right conditions they can be done faster.

Your friend needs to ask more specific questions of their lender. If the appraisal is done and all paperwork from your friend has been turned in it should only be a matter of days to get through Underwriting. Most of our lenders are at 1-3 days right now.

My guess is something else is going on. Either it's a special program (USDA?) or there's a problem qualifying your friend.

Or the lender is just really slow.
  • January 22 2010
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Customary, maybe. Reasonable, no.
  • January 22 2010
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