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Started By
Message
How long for Home Loan Pre-Qualification/Pre-Approval?
Posted on 5/5/11 at 2:14 pm
Posted on 5/5/11 at 2:14 pm
I'm about 95% sure this guys has just been fricking around on me......
How long does it generally take to get an asnwer on pre-qualification/pre-approval?
My wife and I want to know what we can and can't spend on a home before we go out and start making decisions.
It's coming up on 3 weeks now that this guy has had every bit of our paperwork this company required to make this determination.
Am I right? or is this a process that could have been done a long time ago? My wife called today and he said "he's done with '09 and is working on '10 and will call back within the hour."
Like I said, my guess is he hasn't done shite on this work.
How long does it generally take to get an asnwer on pre-qualification/pre-approval?
My wife and I want to know what we can and can't spend on a home before we go out and start making decisions.
It's coming up on 3 weeks now that this guy has had every bit of our paperwork this company required to make this determination.
Am I right? or is this a process that could have been done a long time ago? My wife called today and he said "he's done with '09 and is working on '10 and will call back within the hour."
Like I said, my guess is he hasn't done shite on this work.
This post was edited on 5/5/11 at 2:15 pm
5
Posted on 5/5/11 at 2:16 pm to Prominentwon
I got mine in 2 hours
Posted on 5/5/11 at 2:16 pm to Prominentwon
Shouldn't take more than a couple of days at the absolute most.
Posted on 5/5/11 at 2:46 pm to Prominentwon
quote:
Prominentwon
Are either of you self-employed?
I can't give you an answer on how long it takes, I just know the industry has changed in the past couple of years. What used to take a couple of days now can take weeks or months. Alot of the mortgage companies cut back their employees.
Posted on 5/5/11 at 8:23 pm to TigerDeacon
I applied for one last week, received pre-approval within 24hrs and loan disclosure papers the next day
Posted on 5/5/11 at 8:41 pm to NickyT
I suggest going to another loan officer. Can't hurt
Posted on 5/5/11 at 8:49 pm to LSU1018
That's WAY too fricking long. Get a new LO.
This post was edited on 5/5/11 at 8:49 pm
Posted on 5/6/11 at 9:25 am to LSU1018
quote:
I got mine in 2 hours
If you brought in exact figures & gave me a rundown of assets, check-stubs, & I felt confident, and were in person or had it e-mailed to me ASAP?
I've done them in less than that timeframe.
Sent 'em through Desktop Underwriter, & had 'em basically stipped out in less than a day.
It's not hard. At all.
What your broker/loan officer is probably doing is stretching you out in his pipeline to create consistent income from the closing commission. He may have a ton of loans this month, & is feeling a little short in the shorts for June or July.
Seen it happen all the time. Got a lot of loans that way.
Posted on 5/7/11 at 5:50 am to GFunk
At my work when you purchase a house (new construction) you have 3 days to return with an approval letter.
Posted on 5/7/11 at 7:31 am to GFunk
quote:
If you brought in exact figures & gave me a rundown of assets, check-stubs, & I felt confident, and were in person or had it e-mailed to me ASAP? I've done them in less than that timeframe. Sent 'em through Desktop Underwriter, & had 'em basically stipped out in less than a day. It's not hard. At all. What your broker/loan officer is probably doing is stretching you out in his pipeline to create consistent income from the closing commission. He may have a ton of loans this month, & is feeling a little short in the shorts for June or July. Seen it happen all the time. Got a lot of loans that way.
Yea I had scanned everything she needed and I had also used her 2 previous times. She knew I needed it that quick also bc we were putting an offer in that day
Posted on 5/7/11 at 10:27 pm to Prominentwon
Our mortgage guy had our pre approval within 30 minutes. Thankfully my wife has killer credit score.
Posted on 5/9/11 at 4:29 pm to Prominentwon
It takes longer for poor people to get qualified.
Posted on 5/9/11 at 4:31 pm to horndog
quote:
It takes longer for poor people to get qualified
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