2006-07-19 20:23:24 · 5 answers · asked by interested party 2 in Business & Finance ➔ Renting & Real Estate
Anywhere from a week to 10 days depending on the company. I do hope you submitted it to more than one company. I never just bank on one, I shop all the time for mortgages and I find that there are so many deals out there. At least apply with 3 and possible 5. Some have better rates than others.
I remember my first buying experience, no one told us what to expect. Ask your realtor and your banking institutions for other mortgage companies, go online and check them out. You don't always buy the first house, car or piece of furniture or clothing that you see, you shop, do the same for your mortgage.
2006-07-19 20:29:32 · answer #1 · answered by teddybearloverus 4 · 0⤊ 0⤋
First of all you should be doing business with a mortgage "Broker" he is your one stop shop for many loan programs from many lending instutions. Please, please, please don't go to several banks or mortgage companies shopping for a loan for the purchase of your home. The mortgage broker will run one credit report and use it for all the lenders that underwrite loans for him. If you go to several mortgage brokers or banks each one run a credit check, thus lowering your credit score.
If you have already submitted a loan application to a mortgage company, supplied them with income documents like pay stubs, bank statements, w-2 forms and tax forms and they have ran a credit check you should have an answer within 72 hours about your pre-apporval. (Move away from someone that is offering you a pre-qualified approval) this is not worth the paper is is written on. You want and insist on getting a pre-approval.
If you have waited longer than 4-5 days find another broker and supply him with the information above tell him you are seeking a pre-approval to ourchase your first home. Ask him what time frame should the approval take?
After you have been pre-approved your broker will give you a letter to that effect. he will also find you a real estate agent to assist you in finding you a home. Once you have found a home the real estate agent will then draw up a purchase contract for you and the seller to sign. He will also give a copy to your mortgage broker.
Once a credit check had been ran that will give the broker the type of loan you are qualified for, he will also be able to tell you the amount you will have to bring in for a down payment as well as closing cost for your loan.
He will also be able to tell you, based on your income and the amount of monthly debts on your credit report you have to pay, as to how much money you will be allowed to purchase a home.
Once getting the purchase contract, the mortgage broker will then order an appraiser, and contact an escrow company (closing agent) to finalize the deal, get the title work done.
He will take approximately 10-14 working days to complete your loan application, get your loan docs and set up a date for you to sign the loan docs as well as other closing docs by the title company, escrow company (Closing agent).
After signing the loan docs yuor first payment is due in about 30-45 days.
Unlike refinancing a home you do not get a 3 day right of refusal.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2006-07-20 04:37:35 · answer #2 · answered by Skip 6 · 0⤊ 0⤋
pre-approval? not very long, if they are local, my experience has been a week tops.
actuall financing on a particular home? you have 2 weeks to back out due to financial reasons from a contract, so i would say a good company would have it done in 2 weeks, in case there were problems, so you could get out without penality.
the entire contract period? usually 30 days, because financing is only part of buying a house. but if seller agrees, u can make this time longer to allow u to get down-payment $ saved.
2006-07-20 03:30:51 · answer #3 · answered by ebabsto 2 · 0⤊ 0⤋
It is possible to get an answer within 30 minutes provided you have the information needed by the lender. IE: Employment Information,Income,Funds available for down payment. which is not even a necessary ingredient these days depending on your credit
However, typical time frame is within 24 hours
If your answer is taking longer then that please feel free to contact me I will give you an answer in 30 minutes.
2006-07-20 04:52:38 · answer #4 · answered by CAS 2 · 0⤊ 0⤋
They can tell you almost immediately if it looks possible, but it can take like a month- it's all different. Don't be in too big of a hurry. It took us about 3 months to finalize everything in our first house.
2006-07-20 03:31:40 · answer #5 · answered by lisacantcook 3 · 0⤊ 0⤋