How long does an application for a Mortgage Loan take to receive a response?

Answer 1

I can get a client a preapproval 10 minutes from the start of the conversation. Once you sign the application and get all necessary documentation in, a submitted file with a lender usually takes 24 hours to underwrite, but they'll say 48.

Answer 2

loan preapprovals are instant, assuming all the information given by the borrower is true. For instance, once i get the credit report and take down some basic infomration, if all looks well i issue the preapproval letter (this is usually done over the phone). Then, i package your loan (fill out application, collect documents, collect signitures) and get an pre-approval from an approiate lender. This preapproval from the lender takes no more then a day, assuming i have off the required documentts and signitures and no other problems with the application. Once, the preapproval from the lender is in, thats when the underwriting begins. The underwriting is what takes the most time, because all of the documents are being checked and re-checked, we wait for the appraisal and if problems arise they must be taken care of ect..Underwriting takes place in my officer and both the lenders.
and if all goes well in underwriting, then the mortgage commitment is issued.

Answer 3

Your more application after all documents (income docs, appraisal, loan application and or contract) have been submitted should only take 7-10 business days if there no stipulations (which you would know of and since you did not mention any then Im assuming there are none). For timely service with great low rates feel free to log onto http://www.justgetaloan.net or contact me directly at 866 530 7300 ext 7305 or by email at [e-mail]

Answer 4

A good mortgage broker should be able to give you an idea of where you stand shortly after he/she has all your information. They should have more solid answers by 24 to 48 hours. If they are actually shopping around to get you the best rate, they may come up with somthing better within 3-4 days.

Answer 5

The application should yield a response within 72 hours. In fact, if your credit was run the lender has 72 hours to provide you with a Good Faith Estimate of what they can do for you.

Here is some additional info. Hope this helps.

Answer 6

Anywhere from 1 to 4 weeks depending pon the lender and what Underwriting discovers.

Answer 7

Generally about 3-7 days depending on lender and if you have all of your information ready to go.

Banks will generally want:
Last 2 years of tax returns
Last 2 months of bank statements - including savings, investments and 401k
Last 2 paycheck stubs

They will pull your credit report on their own.

Answer 8

When I applied for a Mortgage, I think it took about 1 day. That was through a bigger bank though. After you get approved, get it paid off early.... www.freewebs.com/1mortgage/