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