2007-03-24 13:17:24 · 6 answers · asked by A G 1 in Business & Finance ➔ Renting & Real Estate
If you have a diligent loan officer...like me...I can guarantee mortgages within an hour...provided all info is given to me in advance.
2007-03-24 13:21:03 · answer #1 · answered by fade_this_rally 7 · 0⤊ 0⤋
There's no guaranteed of the mortgage your quoted. Rates change all the time, sometimes within the same day.
The purpose of the Good Faith Estimate (GFE) is to provide the borrower with the information needed to shop for a loan effectively. Unfortunately, it doesn’t serve this purpose, either with or without the companion disclosure called Truth in Lending Disclosure Statement (TIL).
Borrowers should be mainly concerned with the mortgage price: the interest rate, points -- an upfront charge expressed as a percent of the loan, and other lender fees expressed in dollars. The GFE shows the interest rate. The TIL shows the APR, which is the interest rate adjusted for points and some lender fees. However, the rate and APR are as of the day the documents were generated, and since the market is volatile, they might not apply one day later.
I can’t repeat often enough a critical rule of mortgage shopping: shoppers can depend on quoted rates and points only when they have written confirmation from the lender that the terms have been “locked”.
2007-03-24 23:46:37 · answer #2 · answered by orlandomortgagebroker 1 · 0⤊ 0⤋
I am not sure if you are asking about a loan approval, or if you are asking how long does it take after you submit an offer to the seller.
The first can vary by quite a bit. If you have good credit and everything proper was submitted it could be as little as a couple of days, of if you are going through a broker it could be a week or longer. If you are talking about an offer being accepted that is spelled out in the offer itself. There should be a section that says the offer is good until a set time. It is normally 24 hours.
2007-03-24 20:32:34 · answer #3 · answered by ttpawpaw 7 · 0⤊ 0⤋
It depends on the Mortgage company and the place that you're buying. Ours took about 2 months
2007-03-24 20:20:39 · answer #4 · answered by Lize-May B 2 · 0⤊ 0⤋
most loans are now approved in a matter or minutes, given the easy accessibility to underwriting decision making software and credit records. If your loan is lingering, find another lender.
2007-03-24 21:10:04 · answer #5 · answered by real pro 2 · 0⤊ 0⤋
This might be vague. I don't understand the question entirely. Can you please elaborate? Are you being told that you are not approved yet, but you feel you should have been immediately? Our office knows the same day if someone is approved or not. I hope that you are not being jacked around. Let me know if you have questions!
Randy Schell
Branch Manager
America One Finance
randyschell@yahoo.com
2007-03-24 21:45:34 · answer #6 · answered by Randy Schell 1 · 0⤊ 0⤋