Home Forums Hunting & Shooting Hunter's Campfire Mortgage approval

Typically how long does it take to get approved for a mortgage, with good credit and very large down payment?

Thanks

Some places can do it in a week or 10 days. Most a slower than that.

Ask the loan officer how long for approval, how long to draw docs, and how long to close.

A lot of places will pre-approve you, which means that they have checked, and you qualify for the loan. That is a good thing to have in your pocket when you shop for a house.

these days its hard to say. i'll bet the mortgage companies are swamped. didn't they give you an estimate?

I did a refi back in July. I was was told expect 35-40 days as it was a VA Loan. It was 59 days later from start to close, so yeah they were swamped. The hold up, was the appraisal company though. I have a few neighbors that lost sales due to the backlog of appraisals here.

As far as the approval process, that was about 4 business days.

We insist any potential buyers have to have a pre-approval letter. After a contract is signed, minimum of 6 weeks to get to a closing around here. Have one now that the buyer is borrowing only 30% of the sales price and we're at 8 weeks and they notified us it would be 4 more weeks because they can't find an appraiser to get to it any sooner. Biggest hold ups in closings IME is finding a time slot to close and appraisals. Both are in short supply. Delays on the bank's side seem to be more not just of specific banks, but specific bankers. Some are a lot busier or have less help than others.
The big nation wide banks are the absolute worst. Go through a local lender, even if it's not who you normally bank with.

We've had two homes this year drag out over sixty days after the "close on or about" date in the contract. We terminated the contract, relisted and sold at $20k more than what we sold them for initially.
It's a crazy market, but the real estate agents that make up our marketing team said things are starting to cool, especially in the mid to high price range. Lots of buyers had enough and deciding to drop out til things normalize.

2.10% ???????

great deals out there

We were pre-approved within 36 hrs. I think the approval took a couple of weeks. This was earlier this year.

Appraisers are swamped because SO MANY people are moving (especially out of California) and because prices are rising so quickly that they can't just do a quick look and slap a price on it matching what the last house down the street sold for.

Our home sold in 5 days for more than the selling price we were asking, and the shortage of appraisers made a normal 45 day closing process stretch out to 6 weeks.

Not bad, but longer than normal.

It took me about a day. I talked to the guy I'd used previously, filled out the app and he emailed me by the end of the next day.

If you're looking in MN, let me know and I'll forward you his info.

I’m in Mn.
Helping daughter here.
I don’t need mortgage.

6 weeks is 42 days... short of 45.... pretty standard in most areas. Appraisers really are the hold up in SW MO...60 days is good. Unless it's farmland... Then it's the Survey, and everyone is worked up by the time that finally closes.


Most agents won't even do showing for you here unless you have a pre-qual letter. Waste of everyone's time. The house will be under contract with someone else before you ever get approved as hot as the market has been. It has been showing a little cooldown though.

Not that i'm shopping for myself... But the only chatter I've heard from clients in that ballpark on interest is adjustable rate loans... and I thought Jimmy Carter taught everyone the evils in adjustable rate mortgages... but I wasn't alive then. Just what I've heard. I'ld looks at the 3.5-3.75 fixed and have the peace of mind.

I do know that when I graduated in 2006. A Starter home in my area was about 130,000 and the payment was 1000/month. Today a Starter home is 230,000 and interest is so low the payment is 1000/month... It's like magic.

Give Bell Mortgage a look.