How long does it normally take for a mortgage approval?

Answer 1

The length of time it takes really depends. If a borrower is prepared and allows me to pull their credit, I can normally tell within minutes if we have a program that will fit their needs. I will then submit to a lender for approval. The lender responds with a list of conditions, or items needed to give a final approval. At this point it is really up to the borrower, if they have a quick turn around time in providing copies of bank statements, pay stubs, etc., and I can fax these into the lender, it can take anywhere from a couple of hours to 48 hours for the lender to give final approval and send the loan documents to the title company for closing. So, if you plan on buying a house, make sure you have everything up front BEFORE contacting a loan officer, it will make the entire process smoother. If you would like a list of those items needed, please email me and I will send you back a list of items you should take with you.

Answer 2

Another great answer from Amy. She is explaining the difference to you between a preapproval which in alot of cases is not worth the paper used to print it up and a true approval from the lender. Alot of times the borrowers are not accurate in their income or other matters and that makes for a false prequal. Take the time to gather all your info before you go in so you wont get stuck with an offer you cant back out of. AND...ALWAYS add a financing contigency on your purchase and sale! We have had 20+ lenders close their doors leaving borrowers without a loan at the last minute and the way the market is changing, other lenders may not be able to pick up the deal with the ever changing guidelines. Good luck!!

Answer 3

I'm a mortgage broker from Edmonton Alberta, I can get you a pre-approval 80% of the time in under 5 mins and have the mortgage approved 24 hrs after the client has met all the conditions. So basically it all depends on how prepared the client is with their paperwork

Answer 4

Using Fannie Mae Desktop Underwriter (automated approval software) loan officers who work for lenders who train and DU certifiy their loan officers can provide approvals on the spot, in about 5 minutes) if you supply them with all of the supporting documentation (i.e paystubs, W2's or tax returns, and bank statements).

Answer 5

You can do it over the phone, and some banks can approve you in a matter of mins. Ussualy these types of approvals are based off of a quick credit check and what you are telling them. They still may need to verify your income, and if it comes out that it is alot less then what you told them over the phone they can still reject you.

Answer 6

actual approval, 24 hours. From start to finish, 1 week to 30 days.

Answer 7

A couple of days at the longest.