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Prominentwon
McNeese State Fan
...that's where TOTS come from!
Member since Jan 2005
75692 posts

How long for Home Loan Pre-Qualification/Pre-Approval?

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.
This post was edited on 5/5 at 2:15 pm



LSU1018
LSU Fan
Baton Rouge
Member since Feb 2007
5612 posts

re: How long for Home Loan Pre-Qualification/Pre-Approval?
I got mine in 2 hours


bbvdd
Alabama Fan
Memphis, TN
Member since Jun 2009
10361 posts

re: How long for Home Loan Pre-Qualification/Pre-Approval?
Shouldn't take more than a couple of days at the absolute most.


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TigerDeacon
Wake Forest Fan
West Monroe, LA
Member since Sep 2003
25475 posts

re: How long for Home Loan Pre-Qualification/Pre-Approval?
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.


NickyT
USA Fan
Patty's Pub
Member since Jan 2007
6553 posts

re: How long for Home Loan Pre-Qualification/Pre-Approval?
I applied for one last week, received pre-approval within 24hrs and loan disclosure papers the next day


LSU1018
LSU Fan
Baton Rouge
Member since Feb 2007
5612 posts

re: How long for Home Loan Pre-Qualification/Pre-Approval?
I suggest going to another loan officer. Can't hurt


Ziggy
New Orleans Saints Fan
Ponchatoula, LA
Member since Oct 2007
20811 posts

re: How long for Home Loan Pre-Qualification/Pre-Approval?
That's WAY too fricking long. Get a new LO.
This post was edited on 5/5 at 8:49 pm


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GFunk
LSU Fan
Denham Springs
Member since Feb 2011
10299 posts

re: How long for Home Loan Pre-Qualification/Pre-Approval?
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.


Franktowntiger7
LSU Fan
Member since Dec 2010
1946 posts

re: How long for Home Loan Pre-Qualification/Pre-Approval?
At my work when you purchase a house (new construction) you have 3 days to return with an approval letter.


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LSU1018
LSU Fan
Baton Rouge
Member since Feb 2007
5612 posts

re: How long for Home Loan Pre-Qualification/Pre-Approval?
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


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Uncle JackD
LA-Lafayette Fan
Baws & beltbuckles
Member since Nov 2007
48499 posts

re: How long for Home Loan Pre-Qualification/Pre-Approval?
Our mortgage guy had our pre approval within 30 minutes. Thankfully my wife has killer credit score.


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horndog
LA-Monroe Fan
*edited by ADMIN
Member since Apr 2007
11239 posts

re: How long for Home Loan Pre-Qualification/Pre-Approval?
It takes longer for poor people to get qualified.


Paul Allen
Notre Dame Fan
Baton Rouge, LA
Member since Nov 2007
33861 posts

re: How long for Home Loan Pre-Qualification/Pre-Approval?
quote:

It takes longer for poor people to get qualified




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