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Is it customary to have a pre-approval require 3+ weeks?

I'm not typically so impatient but I was sold on a 1-week mortgage preapproval turnaround promise and at this point I've been tapping my foot for going on 3, and with little response. by b.00gle2987544 from Encinitas, California. Jan 28th 2015 Reply


Lorne Harvey (lorneharvey)
#81 ranked lender in Washington - 418 contributions

If I was provided enough information to get a decision, it usually takes me an hour or so to do a pre-approval. Let me know if I can help.Thank you

Jan 28th 2015
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#28 ranked lender in New York - 2,236 contributions

No more than an hour or so with all information provided.

Jan 28th 2015
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John Novo (jnovo_943_644)
#579 ranked lender in California - 1 contribution

If the lender has the needed documentation, typically it only takes a day or two to get pre-approved. I hope this helps and please call me if I can help you.

Jan 28th 2015
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

You may have the wrong broker or lender.

Jan 28th 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

Unless you have very complicated income (tax returns) a preapproval shouldn't take more than 24 hours from any lender. Even with tax returns, a week to 10 days after receiving them should be enough to get an underwriter to review (normally would take me 2-3 days max).

Jan 29th 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

PS. It also depends whether the lender was actually requesting a full " credit approval" where your income and assets are reviewed and approved so that you have a conditional loan approval primarily subject only to you finding a property and finalizing the loan details. That process can take longer and I normally recommend it for customers where the income is difficult to calculate or who want to move quickly to close when they do find a home. Having a full approval can make the application look stronger to a seller.

Jan 29th 2015
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