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Answers (17)
- Kris Covert, "NW Mortgage Guru"
- Contributions:35
It's different for everyone, and everyone below have valid points. My company does initial credit approvals by our underwriter and we have those within 24 yours maximum, if necessary can have within a couple hours. They are conditional approvals based on getting appraisal, inspection, title report and any additional items that are needed. This is all dependent that we receive all necessary documentation to get the clear picture of you situation. It really shouldn't take more than 24 hours if you are working with a company that is client focused. If you need any help let me know.
Good luck
Kris
Good luck
Kris
- Deborah Garvin, "loanmonarch"
- Contributions:438
Seconding Norm's comment regarding Quicken...or any online lender. As a first time homebuyer you would likely be very, very frustrated working with an online lender....most FTHB need counseling and education that no loan officer at an online company has time to deliver.
My comment comes from experience working online...our fees were lower, yes. Our rates were higher! Day in, day out...higher. And, in closing upwards to 50 loans a month I guarantee I did not have much time for counseling. Referred all purchase transactions with any complexity to local lenders.
My comment comes from experience working online...our fees were lower, yes. Our rates were higher! Day in, day out...higher. And, in closing upwards to 50 loans a month I guarantee I did not have much time for counseling. Referred all purchase transactions with any complexity to local lenders.
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
RESPA allows up to 30 days to make a loan decision, the loan decision can even be "hey, we need more information from you". This starts from your date of application. Most of the below answers are talking about underwiting times AFTER the loan has been processed, or aren't taking processing times into account on those lenders that underwrite first and then process.
I undercut Quicken all day long with my eyes closed, the shameless plug below has no merit.
I undercut Quicken all day long with my eyes closed, the shameless plug below has no merit.
- Edie MacGray, "Mortgage Power Girl"
- Contributions:29
You should submit all your information that your lender requests so they can underwrite it in 2-3 days. If the appraisal is done then it should close in about 2-3 weeks.
- Celeste Starmer, "W.VolusiaHouseHunter"
- Contributions:47
Best Answer was Clay's... if you have not entered into contract you should...(if it were me buying) ask for thirty days to have your loan commitment...even though they say your "approved" doesn't mean you have a clear loan commitment.
Some people answered two days..blah blah... from end to beginning, which usually is what a Buyer wants to know is how long the whole process is going to take.. after you have given all your docs...banks statements, tax returns, employment verification..etc then they have to order and appraisal and once everything is put together... then they will submit to underwriting to get your loan commitment and sometimes... like others said they need additional items that weren't included to verify information.
so ...from begining to end thirty days... approximately...and then a week or so after to close..
Some people answered two days..blah blah... from end to beginning, which usually is what a Buyer wants to know is how long the whole process is going to take.. after you have given all your docs...banks statements, tax returns, employment verification..etc then they have to order and appraisal and once everything is put together... then they will submit to underwriting to get your loan commitment and sometimes... like others said they need additional items that weren't included to verify information.
so ...from begining to end thirty days... approximately...and then a week or so after to close..
- Linda Strasberg, "L Strasberg"
- Contributions:2316
have you contacted quicken...they don't charge any junk fees like some of the others...
- Linda Strasberg, "L Strasberg"
- Contributions:2316
provide them all the info and it won't take very long at all...quicken doesn't charge any junk fees...
- PETER SAVINO, "NYLOANMAN"
- Contributions:2
THE USUAL TIME TO GET AN APPROVAL ON IS 24 HOURS, MAKE SURE TO GIVE AS MUCH ACCURATE INFORMATION AS POSSABLE.
- Brian Napierala, "SoCal Loan Advisor"
- Contributions:19
If you and your lender submit a complete file with all necessary paperwork and explanations you should be able to get an answer withing 24-48 hrs. Just remember garbage in, garbage out. If you want the property, be prepared and willing to do what it takes.
- Metro Indy Expert.
- Contributions:197
If your credit is good it could take about a week or less.
- Victor Gurrola, "Victor T. Gurrola"
- Contributions:1190
OH yeah JMAC In Irvine is the Devil I hope you are not using them.
- Victor Gurrola, "Victor T. Gurrola"
- Contributions:1190
Every one in california is in a Refi Frenzy so its take a while unless you find a good lender they will take care of you.
- Annette Levinson, "Annette Levinson"
- Contributions:200
If you have all your documents in (insluding appraisal) and a letter explaining what you are doing. It should only take the underwriter 2-3 Business Days
"The other part of an underwriter's approval is confirming the appraisal is satisfactory."
And don't forget the mandatory LOE for a minimum of 1 stupid underwriter condition per file.
Example:
Borrower to explain name discrepancies in credit file:
JOHN SMITH
JOHN R. SMITH
JOHN ROBERT SMITH
And don't forget the mandatory LOE for a minimum of 1 stupid underwriter condition per file.
Example:
Borrower to explain name discrepancies in credit file:
JOHN SMITH
JOHN R. SMITH
JOHN ROBERT SMITH
- Paul Mondello, "Paul Mondello"
- Contributions:2097
Why do you ask? Are you in process now? Or are you wanting to close on a home quickly? Or neither?
- Clay Branch, "Georgia Loans"
- Contributions:7839
Depends on how much drama is in your file. Really, whoever took your application should have put your loan into an automated underwriting engine and received a " credit approval " before it was sent to an underwriter. Did they do that? If you have a credit approval, then it is a matter of validating the information you gave, correct income, seasoned funds to close, etc. The other part of an underwriter's approval is confirming the appraisal is satisfactory.
- Dave Skow, "daveskow"
- Contributions:1106
should be approx 1 day to 1 week from receiving all your data and signed loan forms for most lenders
how long does it take the bank to approve the loan i am first time buyer
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