In NY state this question refers too. If a buyer buys two houses for $690,000 and signs a contract with lawyers, then waits on approval from Bank for a mortagage , how long does it take ?Mths, days. etc? Also does it usually work like this, that the buyer signs the contract first, then applies for a mortgage? I would of thought the application for a mortgage comes first.Please know your source firsthand or be in the business. Thanks.
2007-07-20 01:33:10 · 5 answers · asked by xinx78 1 in Business & Finance ➔ Renting & Real Estate
It can take anywhere between a couple of weeks to a few months. This is usually determined by the lenders processes as well as how easily they can verify the buyers information.
You are right that the buyer should obtain approval for the mortgage before shopping but people do all sorts of things.
2007-07-27 04:31:09 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Firstly, I have been in the mortgage business for about 14 years, so this is more first hand knowledge than research. You can actually do it either way. You can get what's called 'Preapproved" which just means that your broker or lender will tell you how much house you can afford. Or you can sign a contract and then search for the best deal for you. I would recommend a broker as they will look for the best deal for you rather than you having to go to several different lenders on your own. If you are in need of a broker, please let me know and I can recommend one.
2007-07-27 21:27:03 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Those who obtain a mortgage approval first are generally the quickest to close, since some of the legwork and paperwork is already done.
I have written real estate offers to purchase for buyers who have not yet been approved, and it does take longer to gain the needed approval.
I always caution buyers to do the mortgage approval first, and then look for the property. Sellers are much more prone to accept the offer which can close the quickest in time frame.
2007-07-20 03:50:29 · answer #3 · answered by acermill 7 · 0⤊ 1⤋
If you get all the necessary information in to the bank, it shouldn't take longer than a week. When my husband and I went through this last year, it only took about two days to hear back from the three banks we applied with.
2016-05-18 01:49:33 · answer #4 · answered by queen 3 · 0⤊ 0⤋
depends on what paperwork is required. it took me about 2 months b/c they kept asking for additional info. Its a extremely bureaucratic process.
2007-07-20 01:43:28 · answer #5 · answered by blah 2 · 0⤊ 0⤋