Buying a house?

Question

My fiencee and are are in the process of buying our first home. We are currently in the preaproval stage about how long from this point is it going to take to be fully aproved. We already have a house that we want to make an offer on. Any answers with personal experience would be great. Thank you

Answer 1

A true pre-approval is based on your credit, income, job time, reserves and/or down payment funds available, etc... and is already reviewed by an underwriter. If your loan is approved based on review of all of this information, as stated above really the only other items that need to be acceptable for final approval are the appraisal and title work. Obviously, this won't take place until you have made an offer and a purchase contract has been drawn up and accepted. A normal contract is drawn up allowing for roughly 30 days for everyone to obtain financing, get "all of their ducks in a row", move and everything else. Your financing approval can normally be taken care of within the first couple of weeks of this time and this way it is ready and prepared for closing so that their are no delays.

Answer 2

You won't be fully approved until you have a contract on a subject property, that property has passed inspections and appraisals, and you are sitting at the closing table signing documents.

The pre-approval gives you an idea on how much you can qualify for. Please know your finances, because I know many people can get pre-qualified for WAY more than the can comfortably afford. These folks work off the notion that the financial professional says I can afford it so I must be able to, only to lose the lifestyle they like in order to try to pay the mortgage. Or worse.

It strengthens the offer when you can state the buyer is pre-approved for the amount. Get your pre-approval and then make your offer.

Answer 3

Depending on the type of loan your looking at you could be moving into that love nest in as few as 3-4 weeks from now but most likely your looking at 6-8 weeks. It all depends on the type of loan your trying to get usually the smaller the down payment the longer then to depends on what your having inspected or what has to pass inspection for you to move in and the how long it takes to run the title and complete the closing. Also depends on how good or bad your and your soon to be's credit is.

Answer 4

you can make an offer on the house with the contingency that you get financing approval. if you want to take a chance on waiting the bank can take any amount of time mine took 3 weeks. in order to get a deal be sure you are ready to walk away from any deal and don't fall in love with a house that isn't yours yet. you can find the right one for you it may just take a bit of time so if you don't get this one don't fret. it wasn't meant to be. i am buying my first home now too. I found the whole process pretty scary because no one really explains it all to you.

Answer 5

Pre-approval should take a day or two. We are in the computer age. Your credit information is available almost immediately, and confirming your employment takes a phone call to your employer.

Final approval comes after you have a contract on a house and it passes appraisal.

Answer 6

If you have truly been credit approved all you will need is the appraisal and title work. You should be able to close within 2 weeks., maybe sooner depending on the market in your area.

Answer 7

Pre-Approval is one thing, approval is another
Have you actually applied for a mortgage?
Filled out paperwork, agreed to a credit check, given them check stubs, etc?

If yes, it might take a few weeks depending on how busy they are.
If you haven't received a pre-approval with a limit you would qualify for, that shouldn't take too long

Answer 8

A loan can take anywhere from 2 weeks to 2 months. It depends on underwriters and stipulations and how clean the loan is.