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We are closing in 2 weeks and I still do not have my commitment letter from my lender.

How long should it take the under writer to get this to me? The seller is asking for this letter. How long before our close date should I have a commitment from the under writer?
  • June 21 2012 - Silver Lake
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Answers (1)

It depends on a lot of things...

When did the appraisal come in?
When was your loan submitted to underwriting?
How long are the turn times for underwriting?
Are you dealing with a broker or a direct lender with in house underwriting?
Did you give them your paperwork in a timely manner?
Have they requested any additional information from you?

Bottom line... nobody here can answer that question for you. You need to contact your loan officer for that information.   Some banks can underwrite a file in 2-3 days, some can do it in a few hours, some can take 4 weeks. It all depends on the bank you are working with.   There is a lot of refies going on right now and everything is taking longer than usual. A good mortgage company should prioritze purchases over refies to ensure that you close on time.

Our company can close a purchase loan in 3 weeks if we do it inhouse. If we broker it out, it can take 90+ days. There is not a "one answer fits all" question.

Find out what is going on and communicate that with your agent. Or better yet, have your agent call the loan officer directly to get a realistic date. If it's not going to close on time, then you can give the seller an advance notice and try to extend the escrow. 
  • June 21 2012
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