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If I am pre-approved, how long does it take to get final loan approval?

by sarah_88298 from Kipling, Ohio. Dec 28th 2015 Reply


Jim Steinberg (steinberg.jrs@gmail.com)
#93 ranked lender in Ohio - 6 contributions

Jim Steinberg 513-667-6603 Usually in as soon as thirty days. We are doing one presently that is an emergency and it is taking about 10 days. Needed it done before the New Years and we are getting it done for them.

Dec 28th 2015
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Jim Steinberg (steinberg.jrs@gmail.com)
#93 ranked lender in Ohio - 6 contributions

Jim Steinberg 513-667-6603 Usually in as soon as thirty days. We are doing one presently that is an emergency and it is taking about 10 days. Needed it done before the New Years and we are getting it done for them.

Dec 28th 2015
1
0
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

More info needed.. Are you purchasing a home or refinancing? Typically, refinance transactions take a bit longer because the borrower is already living in the home.. Purchase transactions take precedent because they have a "close of escrow" date that must be met.. But the complete loan process has many steps.. Once your pre approved, then the lender needs a contract (for purchase transactions) and all your supporting documentation (tax returns, W2's, pay stubs, bank statements, etc).. Once all the supporting documentation is gathered, then the disclosures and application are put together and sent to you for your signature.. Once you sign everything, then it gets' submitted to a loan processor.. their job is to be sure everything that's required for underwriting is there, and that there are no unanswered questions... if the processor needs more items, then the request is sent out to the borrower.. once the borrower provides the additional items and assuming they are all acceptable to the processor, then the packet is submitted to underwriting.. For a file to be underwritten, it has to go through a "Setup" process where everything is stacked in a certain order and certain items are highlighted for quick access.. Once the file is setup, then it goes to the underwriter to be fully underwritten.. When the underwriter reviews the file, and they feel it meets their minimum underwriting requirements, then they issues a "Conditional" loan approval. This produces an additional documentation request from the borrower as well as title and lender items, which are the conditions to which must be met prior to producing loan doc's. Once all the conditions are gathered and submitted to the underwriter, and assuming everything is acceptable, then the underwriter issues a "Clear to Close" approval. The approval still might have "Prior to funding" conditions which would need to be met before the lender will actually fund the loan. As you can see, this is a complicated procedure with many moving parts.. anything can happen which will delay your closing, so it's near impossible to say when you can actually close, but in general, a purchase transaction can close inside of 30 days with a refinance transaction possibly taking a few days longer.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Dec 28th 2015
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