How Long Does It Take To Get Approved For A Mortgage
How Long Does It Take To Get Approved For A Mortgage
After taking time to talk to our Lender Blake Eagle from Summit Funding about getting our clients pre-qualified before showing them properties, he sent me this article that was very informative for our buyers. Take time to read and understand the process before buying a home. If you the buyer understand this process of taking the first step to buying a home it will help make your transaction go much smoother. If you are thinking of buying a home in the near future then don't hesitate to call us to start the process and help schedule an appointment with our lender from Summit Funding, Blake Eagle.
How long does it take to get approved for a mortgage?
By Christine DiGangi/Credit.com
Three days. That's the fastest loan officer Scott Sheldon has ever seen someone get approved for a mortgage.
"He had every single iota of possible documentation you could imagine upfront," said Sheldon, who's a senior loan officer in Santa Rosa, Calif., and regularly writes about mortgages for Credit.com. That three-day turnaround was unusual, but so was the time it took another applicant roughly two months to get mortgage approval. "If the borrower was just a little bit more transparent upfront, we probably wouldn't have had that."
Mortgage approval is a multi-step process, but the more consumers do from the beginning, the more likely it is to go quickly. Sheldon said he's currently seeing a five- to six-day timeline for mortgage underwriting approval and about 18 days from the start of the process to issuing a commitment letter -- when the lender commits to giving you the loan. The initial underwriting approval is often contingent on receiving more documentation from the borrower.
"Many times the documentation and supply opens up more questions," Sheldon said. "We actually just had one that went upward of 45 days (for final loan approval) because the borrower's financial picture kept changing."
The cleaner your financial history, the faster your approval process is likely to go, but speed is more reliant on how much information you provide your lender from the beginning. Sheldon said the applicant whose loan approval took 45 days had a lot of financial issues -- a low credit score, previous short sale, previous foreclosure and outstanding debt with the Internal Revenue Service -- and these problems weren't clearly disclosed from the start.
"My best advice to buyers is let your lender pre-approve you -- give them at least 72 hours to really pre-approve you with all your financial documents, including a credit report," Sheldon said. He said consumers often expect pre-approval in a day, but that's not enough time to thoroughly complete the process, especially if important documentation hasn't been submitted. "All loans today go through automated underwriting. ... It's only as good as the information we put in there."
If the pre-approval is based on flawed information, borrowers risk needing the lender to pull together a loan while they're trying to sign a contract for a property. Loan issues could complicate the transaction, which is something to avoid when making one of the largest financial decisions of your life. Before you start shopping for a home, look at your credit reports, bank statements, outstanding debts and credit scores (if you don't know what your credit profile looks like, check Credit.com's free credit report summary, updated every 30 days, to get an idea of how lenders see you), and be prepared to keep supplying paperwork as they request it. You can also get your free annual credit reports on AnnualCreditReport.com.
Blake Eagal Loan Consultant NMLS ID# 250496 BRE ID# 1878279 3031 W March Lane Suite 117S Stockton, CA 95219 Branch NMLS ID# 287185 209-259-0059
Author:Julie Cosgrove BRE #00828743 Phone: 209-298-0252 Dated: May 29th 2015 Views: 256 About Julie: Julie was born and raised in Stockton CA, she married her high school sweetheart George and has 2 bo...
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About Julie Cosgrove Real Estate Professionals at Keller Williams Realty
California REALTOR® Julie Cosgrove is a driven individual that not only pushes herself to achieve excellence but will make it her priority to transform her client’s dream home into a reality. She and her team believe in Exceeding Expectations of their clients
Julie and her team’s positive approach and no nonsense attitude will help guide their client’s through their transaction. They will outline the buying and selling process, stay in close contact and constantly affirm that they have their clients best interest at heart. She and her team strive for trust, coupled with support, so her clients can enjoy a smooth transaction.
Recently Julie started her sister company, One Simple SOLUTION. As Julie’s real estate business grew, she saw a need to help seniors downsize or transition into senior-centered living. The desire of this company is to make our Senior Citizens and families feel as calm and stress free as possible during their transition from one home to the next. One Simple Solutions works hand in hand with each realtor to make sure that their clients is completely taken care of from the packing stages to the complete move to their new location. No stone is left unturned. We offer organization, helpful tips and more to make this move as uncomplicated as possible.
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"I would be extremely happy to highly recommend Julie Cosgrove and her wonderful staff at Keller and Williams to ANYONE who was looking for assistance with either buying or selling a home, especially for help - with the now popular - short selling of a home; as was the case for our family. Julie Cosgrove is a Tiger. She and her staff were unrelenting when it came to dealing with the banks on our behalf. She rescinded the banks foreclosure attempts on three separate occasions and always kept our best interests at heart. Mrs. Cosgrove was a joy to work with. Always positive and highly motivated, this professional and her staff are well deserving of the highest recommendation in the City that can be given by anyone. There is NOWHERE ELSE that we would recommend anyone to go other than to see Julie Cosgrove over at Keller and Williams. This Woman is a rock-star, and despite the problems that we had with the banks, she never let them slow our short-sale down. She is awesome!"