how long does it usually take to know if you're approved for a loan??

Question

i recently applied for a home loan at rock financial and it's been almost a week and he haven't called me back with any information yet, should i just forget about it

hey victor q, my credit score is 730, i got it checked before i called for a loan..so that can't be the answer to my long wait...i mean it's rock financial a big loan company..

Answer 1

You need to get in touch with management of that company and ask why you haven't gotten a reply from your sales person yet. You should have an answer within 24 hours or less. A week just shows that your sales person obviously doesn't value your business. So much goes into doing a home loan, you don't want this person dragging their feet the entire time. You need to get in touch with someone with seniority over your sales person and see what status is. That's absolutely rediculous.

Answer 2

If someone really wants your business, they should stay in touch with you and keep you updated. That being said, they may be shopping around for the best rate for you. If you have any particular credit or income situations, it may take longer as different banks have different qualification restrictions. If you don't hear from them within a few days, I would give them a call back to find out what is going on. Keep in mind that final approval does take a while and you may not be their only client. However, this does not mean you should be ignored (and don't let yourself be.) Even if they get wrapped up in the paper end of things, they should not forget about you. If this is your first time getting a loan, make sure you let them know this and that you need to be kept informed. If they think you have done this before, they may assume you know the timeframe and procedures already.

On a side note, I would recommend for you to trust your instincts. If something doesn't feel right, look somewhere else.

Answer 3

I have found that some finance companies take longer than others, but you should have heard something from the company by now. Call them. When I was a lender for a bank, I normally knew within a day if I was going to approve the loan. After that it depended on other factors such as appraisal and title work. Normally, I would close a loan in less than 30 days. I just sold some property and finance company the person went through took three months. I called them for the buyer, and we closed within a week. Make sure when you go through any company that you know all of the fees that are involved and ask about prepayment penalties and rates. You should get a good faith statement explaining the fees and payment. Make them explain it to you. Personally, I prefer banks over finance companies, however, banks are stricter and have less lead-way in what they can do.

Answer 4

Approval might vary from Broker to broker or lender,but Pre-approval should not take longer than 1-2 days at the longest. Normal time is approximate one full business day, if gotten to the underwriter before 2PM.

Did you provide your broker 2 pay stubs and W-2s for each person that was going to be on the mortgage 2 years of federal income tax returns, as well 6 months bank statements from all you savings and checking accounts to include any 401k plan where you are employed. He should have ran a credit check with a signed authorization form by you.

With the above information most "Brokers" are able to secure a pre-approved letter with in 48 hours from his underwriter.

If you did not provide him with this information you will need to do so. If he has not called you in a week, my guess is something went wrong. You should call him to find out the status of your approval.

I hope this has been of some help to you, good luck.

"FIGHT ON"

Answer 5

First of all if you got a 700+ credit score call me now and let's get you closed within a week or two! I called rock financial trying to get a loan myself and they did the same thing to me, finally after running my credit twice they told me my score was too low. I called this company and they did what rock financial couldn't. Now because they helped me I took a job here to help other people. With a score like that your loan should be quick and easy. Call me at 877-LOAN-103 and ask for Josh. Don't delay, call me today!

Answer 6

It depends on the financial institution. When we were trying to buy a home, a couple of places let us know within a couple of weeks. However we had some that took longer because the board that they presented the loan consideration to only meets 1 a month. The best thing to do however, is to call back the individual who is processing your loan and ask. If they don't know yet, ask them for a time frame.

Answer 7

First off, he would have called you back if the broker could have done something...you usually need a 580 credit score to get 100% of a loan value. I would also say give him a call and find out what happened...that way he has no way to not talk to you.

Answer 8

My bank did it while I waited- the application took 30 minutes to fill out on their computer, and I only had to wait 2 minutes or so for pre-approval. I have good credit though, and of course it will depend on how much money you are trying to get.

Call the place back, and if they can't give you an answer, or at least an idea of how long it will take, go somewhere else. (I hope you weren't paying them much for this!)

Answer 9

It really shouldn't take more than a day, if that. I would just forget them and shop around. I you want to do businesse with them, shop around anyway to compare rate quotes. Brokers don't have to pull your credit in order to give you a quote. They will simply let you understand that it is a quote based off of the information that you have given them.

Answer 10

Loan Officers do this when your credit is bad Trust me i know its a bad place to be in.
call them ask them to give you a copy of your credit.
Then emailme for a couple options up front over the phone.
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