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what is the standard waiting time for loan approval?

by ARose_946_612 from Beaumont, Texas. Oct 2nd 2012 Reply


Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

That can vary greatly by lender so there is no way of knowing unless your lender will tell you. I have some lenders that can have UW completed in 7 business days and some that take 35, just depends on who you are using.

Oct 2nd 2012
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,486 contributions

For a loan approval the time varies based on the loan product your applying for.. if your purchasing a new home, then you should be able to close inside of 30 days.. if you're doing a HARP refinance transaction, it could take up to 4 months depending on the loan product and your loan to value... could you be more specific?? 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. 480-287-5714 WilliamAcres.com

Oct 2nd 2012
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Brad Cahoone (info@globalhomefinance.com)
#91 ranked lender in Texas - 1,042 contributions

Rose,Good afternoon. I can have it underwritten in two to three days at one of my lenders or it can take over a month with other lenders. I have heard that Bank of America is taking 90 to 120 days. Chase and Wells Fargo aren't much better from what I hear. By the time they get to your file they have to repull credit and you have to resend all of your loan documentation like paystubs and bank statements again. Plus their pricing is higher than what most brokers or mortgage bankers offer. Very inefficient! Let me know if a change is in order.Brad Cahoone - 972-724-3222 - bcahoone@globalhomefinance.com

Oct 2nd 2012
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Gilbert Barteau (gbarteau)
#104 ranked lender in Texas - 41 contributions

For my company, typically 30 days start to finish. Please let me know if you would like a free rate/fee quote.

Oct 2nd 2012
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Danial Aziz (DazizIHL)
#483 ranked lender in California - 4 contributions

The lowest we ever had was 24 hours since we had a dedicated underwriter to our team which consisted of 3 sales people. night now we are at 5 days and ive seen a couple of other companies around here that were at the same rate. But like Travis stated it can take up to a month.

Oct 2nd 2012
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Derick Condron (rightstartoregon)
#32 ranked lender in Oregon - 598 contributions

Depends on the compnay you that chose to close your loan with. Some of the larger banks will take 60-100 days to get you a loan approval. I have my approvals 24 hours after we submitt the file to underwriting and typically takes us about 15 days from "application" date

Oct 2nd 2012
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Jean-Michel Goupillaud (goup0148)
#681 ranked lender in California - 4 contributions

An approval is only the beginning. We have lenders that can generate conditional loan approvals in 24hrs. However, many of them will re-condition your loan after you fulfill all of the initial conditions so you might as well have waited the 7-14 days for an approval you can rely on. The best is to go with a lender that has a proven and consistent track record of closing before the lock expires so that you can be confident you know your deal should close as you had originally anticipated.

Oct 2nd 2012
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#2 ranked lender in Florida - 2,239 contributions

Times vary with each lender.

Oct 2nd 2012
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Brian French (bfrench)
#11 ranked lender in Arkansas - 52 contributions

Good morning - you received great answers from everyone because it is the God's-honest truth. I know people hate to get an answer like, "It varies" or "It depends", but it does. There are so many moving parts. Depends on degree of complication with loan file, time of the month (end of month is always a mad dash), lender's specific process and flow, etc. A good range would be 30 - 60 days.

Oct 3rd 2012
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Sarah N. Montes (FUNDINGNOW)
#64 ranked lender in Texas - 13 contributions

Hello Rose, Your loan officer can only be as efficient as you allow them to be. If you can provide your loan officer with all the documents he/she has requested within a 2-4 hour window, they should be able to get it done pretty quickly.My turn times right now are 48 hrs. with a complete loan application. (Appraisal takes 5 days).Apply Now @ NRLREFI.com

Oct 10th 2012
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