How long should it take to get a mortgage pre-approval these days?
I applied for one at a local bank online last Thursday. I haven’t heard anything by the following Tuesday so I called the bank and they’re saying that they’re experiencing a high volume of incoming applications and it’ll be one week. It’s Friday and I still haven’t heard anything. It’s not as if I’m applying for the mortgage itself, I just need a dollar figure so I have a piece of paper to go house shopping with.
It depends on who you work with. I’m pre-approving clients within 24 hours.
Comments
a few days to a few weeks.
interest rates have been falling last 6 weeks so refi applications are up again. That means a lot of customers are in front of you.
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It depends on who you work with. I’m pre-approving clients within 24 hours.
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I’m a mortgage banker/broker
Yeah a lot of banks are experiencing a high volume in loan approvals. It’s due to the falling house prices. People in a lower tax bracket are now able to afford homes. It took us a few days to get the pre-approval. But we went through a broker company & they have several lenders they work with. Sometimes the actual lenders will take longer for the pre-approval than the brokers.
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It should take no longer than 24-hours to get a pre-approval for buying your home. Any good loan officer should be able to look at your financials and run a fannie mae automated underwriting approval.
References :
http://www.brashenfinancial.com
http://www.myziplending.com