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The pre-qual/approval process can take somewhere between 1 hour to a few days. It depends on following:---which lender are you choosing---the relationship between the loan processor and the underwriter---are you missing important docs like(2 years W2s, 30 days paystub.)---if your loan is very complicated and need manager reviewAs for how the loan works, the steps are:---you submit the loan application and supporting docs to agent---the agent passes you docs to a loan processor, the processor inputs all of you information to Point(a software) and calcuate your DTI. Do the initial undewriting on your loan docs and send out disclosure forms.---then your loan file will be uploaded to the lender's website to run DU(Fannie Mae system) or LP(Freddie Mac system).---after your loan get DU or LP approval, you can lock the rate and processor will submit your loan along with other docs for underwriting---underwriter will underwrite your loan and give out conditional approval or deny---you'll order appraisal, clear up conditions---your loan will be funded if everything goes wellThank you and hope this helps
Lenders can do a less formal prequalification process, whereby they crunch the numbers and issue their letter, or they can run your loan application with the property to be determined later (TBD) and get a conditional approval from an automated underwriting system like Fannie Mae's Destop Underwriter, or they can submit your loan application to a lender's underwriter for review. Not all lenders will look at loan applications before there is a property identified, or a contract signed, and some lenders will only do it if they aren't very busy. Most lenders aren't particularly busy right now. If your situation is particularly complicated, then the broker or lender may want to try to get an underwriter to look at it first. Press your loan officer for an answer, and give him a deadline to give you an answer up or down.Regarding the GFE, under current rules, the GFE is only required to be given to the borrower (within 3 days of application) if the property has been identified, and there is a purchase contract.Best wishes on your purchase,Dan Marchiando
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