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sunnygirl
loving life
Member since 1/07 5413 total posts
Name:
D
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Mortgage preapproval
Generally how long does it take to get a prespproval once all the paperwork is submitted.
Dh and I looked at a a house on a whim and love it, and am anxious to get this done
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Posted 6/2/15 6:16 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
DrMeg
Back home!
Member since 5/08 1858 total posts
Name:
Meg
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Mortgage preapproval
We had a verbal in less than 24 hours. Once we were ready to make an offer on the house the broker sent the letter to our realtor to include with the offer.
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| Posted 6/2/15 6:58 PM |
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sunnygirl
loving life
Member since 1/07 5413 total posts
Name:
D
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Re: Mortgage preapproval
Thank you
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| Posted 6/2/15 8:43 PM |
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teachermom
LIF Adolescent
Member since 8/11 843 total posts
Name:
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Re: Mortgage preapproval
I'm going on two weeks waiting for this! is 24 hours the norm?
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| Posted 6/4/15 2:46 PM |
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Re: Mortgage preapproval
Yes 24 hours is the norm, assuming you have provided everything requested (usually authorization to run credit and income/debt info). It's usually a very quick process.
Two weeks is NOT the norm, for a preapproval. I've had lenders actually process a loan application, submit it to underwriting, and issue a mortgage commitment in two weeks.
It should only take a day or two (unless there is some info they need and don't have). I would most definitely follow up and find out what is taking so long.
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| Posted 6/4/15 5:02 PM |
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KarenK122
The Journey is the Destination
Member since 5/05 4431 total posts
Name:
Karen
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Mortgage preapproval
We had are preapproval almost instantaneous and the mortgage approval itself only took about 2 or 3 weeks.
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| Posted 6/4/15 6:17 PM |
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teachermom
LIF Adolescent
Member since 8/11 843 total posts
Name:
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Re: Mortgage preapproval
Posted by Century 21 Dallow - Christine Braun
Yes 24 hours is the norm, assuming you have provided everything requested (usually authorization to run credit and income/debt info). It's usually a very quick process.
Two weeks is NOT the norm, for a preapproval. I've had lenders actually process a loan application, submit it to underwriting, and issue a mortgage commitment in two weeks.
It should only take a day or two (unless there is some info they need and don't have). I would most definitely follow up and find out what is taking so long.
Wonderful, I am dealing with someone who seems totally inept an this confirms it. Credit check isn't a problem and they pulled it already. I was told initially that it all looked good and they would get back to us in two days. We heard nothing and finally got in touch with the person we were working with and she said a day or two, now here we are two weeks out tomorrow.
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| Posted 6/4/15 7:06 PM |
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teachermom
LIF Adolescent
Member since 8/11 843 total posts
Name:
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Re: Mortgage preapproval
Posted by KarenK122
We had are preapproval almost instantaneous and the mortgage approval itself only took about 2 or 3 weeks.
I almost think she is just trying to do the real mortgage but they didn't ask for bank statements or pay stubs yet. Bizarre. I'm so desperate to get this house!
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| Posted 6/4/15 7:07 PM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Mortgage preapproval
It took us two days for mortgage approval
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| Posted 6/4/15 9:32 PM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Mortgage preapproval
It took us two days for mortgage approval
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| Posted 6/4/15 9:33 PM |
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Re: Mortgage preapproval
By any chance are you dealing with NEFCU? I ask because my clients using them have had a lot of issues lately dealing with their loan officers (and I noticed your screen name has "teacher" in it).
NEFCU offers great rates, etc. But I am not keen on their customer service.
For one thing, I don't like the fact that you are submitting everything online at first. A lot of my clients need to sit down with someone, or at least have a phone conversation, to figure out what their best game plan is in terms of loan type, % down payment, closing costs, etc. It's helpful to them to have a live person to answer their questions and counsel them. My preferred lender does that. That's why I like my clients to go to him first, even if they later shop around, because they have a base of knowledge.
I had a timeliness issue, too, last month with a client who had submitted everything online and gotten a preapproval in the amount that they requested (which was lower than what they qualified for). Then they found a house for $15K more (which was well under what the loan officer said they qualified for) and asked the loan officer to generate a new letter, but it took a long time, and that particular loan officer was less than helpful when the listing agent to called to verify qualifications while my buyers were waiting for the new preapproval. I think they just don't have the staffing to provide the quick service that other lenders can.
Also, NEFCU is fairly limited with the products they offer, and recently told a client that they couldn't do a fixed rate conventional loan for a condo that we were in contract for (which another lender was able to do without an issue).
Credit unions are also notoriously sticklers on things like C/Os.
So while they have definite upsides, I always tell my clients to be aware of potential issues when using a credit union.
And in fairness to NEFCU and any lender, I think a lot of the issues that arise are probably attributable to the loan officer involved, not necessarily the lender itself.
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| Posted 6/5/15 8:56 AM |
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teachermom
LIF Adolescent
Member since 8/11 843 total posts
Name:
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Re: Mortgage preapproval
Posted by Century 21 Dallow - Christine Braun
By any chance are you dealing with NEFCU? I ask because my clients using them have had a lot of issues lately dealing with their loan officers (and I noticed your screen name has "teacher" in it).
NEFCU offers great rates, etc. But I am not keen on their customer service.
For one thing, I don't like the fact that you are submitting everything online at first. A lot of my clients need to sit down with someone, or at least have a phone conversation, to figure out what their best game plan is in terms of loan type, % down payment, closing costs, etc. It's helpful to them to have a live person to answer their questions and counsel them. My preferred lender does that. That's why I like my clients to go to him first, even if they later shop around, because they have a base of knowledge.
I had a timeliness issue, too, last month with a client who had submitted everything online and gotten a preapproval in the amount that they requested (which was lower than what they qualified for). Then they found a house for $15K more (which was well under what the loan officer said they qualified for) and asked the loan officer to generate a new letter, but it took a long time, and that particular loan officer was less than helpful when the listing agent to called to verify qualifications while my buyers were waiting for the new preapproval. I think they just don't have the staffing to provide the quick service that other lenders can.
Also, NEFCU is fairly limited with the products they offer, and recently told a client that they couldn't do a fixed rate conventional loan for a condo that we were in contract for (which another lender was able to do without an issue).
Credit unions are also notoriously sticklers on things like C/Os.
So while they have definite upsides, I always tell my clients to be aware of potential issues when using a credit union.
And in fairness to NEFCU and any lender, I think a lot of the issues that arise are probably attributable to the loan officer involved, not necessarily the lender itself.
No, that isn't the bank I'm dealing with. We didn't do anything online, all in person. I still don't have an answer. We are doing an FHA loan, maybe that has something to do with the delay?
Message edited 6/6/2015 7:16:12 AM.
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| Posted 6/5/15 5:17 PM |
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Atherley
So in Love with my DS
Member since 1/11 1122 total posts
Name:
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Mortgage preapproval
We got ours the next day
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| Posted 6/5/15 10:57 PM |
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Re: Mortgage preapproval
Posted by teachermom
Posted by Century 21 Dallow - Christine Braun
By any chance are you dealing with NEFCU? I ask because my clients using them have had a lot of issues lately dealing with their loan officers (and I noticed your screen name has "teacher" in it).
NEFCU offers great rates, etc. But I am not keen on their customer service.
For one thing, I don't like the fact that you are submitting everything online at first. A lot of my clients need to sit down with someone, or at least have a phone conversation, to figure out what their best game plan is in terms of loan type, % down payment, closing costs, etc. It's helpful to them to have a live person to answer their questions and counsel them. My preferred lender does that. That's why I like my clients to go to him first, even if they later shop around, because they have a base of knowledge.
I had a timeliness issue, too, last month with a client who had submitted everything online and gotten a preapproval in the amount that they requested (which was lower than what they qualified for). Then they found a house for $15K more (which was well under what the loan officer said they qualified for) and asked the loan officer to generate a new letter, but it took a long time, and that particular loan officer was less than helpful when the listing agent to called to verify qualifications while my buyers were waiting for the new preapproval. I think they just don't have the staffing to provide the quick service that other lenders can.
Also, NEFCU is fairly limited with the products they offer, and recently told a client that they couldn't do a fixed rate conventional loan for a condo that we were in contract for (which another lender was able to do without an issue).
Credit unions are also notoriously sticklers on things like C/Os.
So while they have definite upsides, I always tell my clients to be aware of potential issues when using a credit union.
And in fairness to NEFCU and any lender, I think a lot of the issues that arise are probably attributable to the loan officer involved, not necessarily the lender itself.
No, that isn't the bank I'm dealing with. We didn't do anything online, all in person. I still don't have an answer. We are doing an FHA loan, maybe that has something to do with the delay?
No, an FHA loan process is pretty much the same as conventional and definitely wouldn't affect preapproval timing.
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| Posted 6/6/15 1:53 PM |
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MrsG823
Just call me Mommy.
Member since 1/11 5570 total posts
Name:
S
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Mortgage preapproval
As someone who went through a nightmare with a terrible mortgage processor- if the person seems inept now find someone else to work with ASAP. I have an FHA loan and the preapproval process was fast- it was later on the processor messed up and her boss kept trying to cover up- Any chance you are working with Weichert?
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| Posted 6/6/15 2:09 PM |
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teachermom
LIF Adolescent
Member since 8/11 843 total posts
Name:
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Re: Mortgage preapproval
Posted by MrsG823
As someone who went through a nightmare with a terrible mortgage processor- if the person seems inept now find someone else to work with ASAP. I have an FHA loan and the preapproval process was fast- it was later on the processor messed up and her boss kept trying to cover up- Any chance you are working with Weichert?
Thanks for the reply, that isn't who we are working with. I don't want to say the name of the person/institution until I know for sure what's going on.
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| Posted 6/6/15 5:08 PM |
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MrsM0824
LIF Zygote
Member since 10/13 46 total posts
Name:
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Re: Mortgage preapproval
Posted by Century 21 Dallow - Christine Braun
By any chance are you dealing with NEFCU? I ask because my clients using them have had a lot of issues lately dealing with their loan officers (and I noticed your screen name has "teacher" in it).
NEFCU offers great rates, etc. But I am not keen on their customer service.
For one thing, I don't like the fact that you are submitting everything online at first. A lot of my clients need to sit down with someone, or at least have a phone conversation, to figure out what their best game plan is in terms of loan type, % down payment, closing costs, etc. It's helpful to them to have a live person to answer their questions and counsel them. My preferred lender does that. That's why I like my clients to go to him first, even if they later shop around, because they have a base of knowledge.
I had a timeliness issue, too, last month with a client who had submitted everything online and gotten a preapproval in the amount that they requested (which was lower than what they qualified for). Then they found a house for $15K more (which was well under what the loan officer said they qualified for) and asked the loan officer to generate a new letter, but it took a long time, and that particular loan officer was less than helpful when the listing agent to called to verify qualifications while my buyers were waiting for the new preapproval. I think they just don't have the staffing to provide the quick service that other lenders can.
Also, NEFCU is fairly limited with the products they offer, and recently told a client that they couldn't do a fixed rate conventional loan for a condo that we were in contract for (which another lender was able to do without an issue).
Credit unions are also notoriously sticklers on things like C/Os.
So while they have definite upsides, I always tell my clients to be aware of potential issues when using a credit union.
And in fairness to NEFCU and any lender, I think a lot of the issues that arise are probably attributable to the loan officer involved, not necessarily the lender itself.
Yea...she's a real winner! Lol. She has been better lately though.
We had our pre approval in a matter of minutes online. To answer the original poster 
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| Posted 6/6/15 9:23 PM |
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