2006-06-07 13:42:23 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
This is for a home (not refinancing). Our credit is in the upper 600's. Does anyone know how much job history weighs on the decision?
2006-06-07 13:59:42 · update #1
If you have submitted all the information and paperwork your mortgage "broker" has requested, he has ran a credit check, an appraisal of your property has been conducted and the loan has been submitted to the underwriter for approval, normally 24-48 hours after this has taken place.
You did not say if this was a purchase (Buying a home) or refinance or getting a second mortgage on a home you presently own.
If there are problems with one underwriter he might submit it to another underwriter causing a slight delay, but again another 24-48 hours.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2006-06-07 13:51:05 · answer #1 · answered by Skip 6 · 0⤊ 0⤋
With today's technology, it is possible to obtain a mortgage pre-approval in about 15 minutes.
I am a real estate agent, and I work with a mortgage lender that can pre-approve and underwrite a mortgage in 15 minutes over the phone.
They have invested heavily in technology that enables them to obtain credit reports from all three of the major credit reporting bureaus, and also obtain a FICO score from each, with these reports becoming available in literally seconds.
If you'd like a no-obligation over-the-phone mortgage pre-approval in minutes, 7 days a week, (up to 10:00PM weekdays and 7:00PM weekends), just email me and I'll give you their toll-free number.
2006-06-07 14:21:46 · answer #2 · answered by glenwiner 2 · 0⤊ 0⤋
depends on how bad your credit is, and how desperately the agent wants to sell you the mortgage. Usually a week or so. More the worse your credit is and the harder the mortgage agent has to look to find a company willing to do it.
2006-06-07 13:46:16 · answer #3 · answered by Quietman40 5 · 0⤊ 0⤋
2-5 days depending on the bank and your credit.
2006-06-07 13:45:23 · answer #4 · answered by ? 6 · 0⤊ 0⤋
It can be up to 2 weeks. But you usually know in a few days.
2006-06-07 13:46:48 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Most companies require that you have had your current job for at least 2 years before they will lend.
2006-06-13 14:19:59 · answer #6 · answered by Erica 2 · 0⤊ 0⤋
In a few minutes... given all the information needed.
2006-06-07 14:20:49 · answer #7 · answered by Lylu 1 · 0⤊ 0⤋
depends on your credit if it is poor they have to shop the mortgage to more sources.
2006-06-07 13:46:21 · answer #8 · answered by bkrboyz 4 · 0⤊ 0⤋