Buying A Home
jesspacatc
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
mortgage question
If you were pre-approved, how long did it take from application to approval?
Re: mortgage question
I was approved within the day. I had talked to my loan officer several times leading up to the actual application, so she saw it online and moved it through quickly. Sometimes, you can get approved online immediately, but I think that's pretty rare, and probably almost never for a FTHO. Good luck!
Nestie Bestie with the lovely RockABye
Pre-approval is easy and fast. With both lenders that we worked with, we spoke to them on the phone to answer the basic questions (income, assets, liabilities, current and previous addresses, employment, SSNs, etc.), and then faxed over 3 years of W-2s and Federal tax returns, 1 month of pay stubs, and our licenses. Once the lenders had all of our initial documentation it took them maybe an afternoon to run our credit reports, analyze everything, and respond with our pre-approval letters.
Just to note, pre-approval does not require underwriting. In my state (and every state is different in the order of operations) underwriting occurs once you have a signed contract for a specific house, an appraisal for it, and home owners insurance for it. It's pretty much your last step before signing the final paperwork.
I really don't mean to be difficult, but there really is a difference between "pre-qualified" and "pre-approved". At the "pre-qualified" stage the lender operates solely on the information that you give to them and does not check your credit. At the "pre-approved" stage the lender actually digs a bit deeper so that they can give the prospective buyer a far more accurate idea of what the buyer could spend and what his/her interest rate would be like. "Pre-qualification" really does not mean a thing when it comes to actually getting a REA, writing an offer, etc. If a seller had a choice between a buyer who was merely "pre-qualified" and a buyer who was actually "pre-approved", the "pre-approved" buyer would win because the seller would have a greater level of assurance that he/she actually has the financial means to close the deal.
This article does a good job of explaining the difference: http://www.investopedia.com/articles/basics/07/prequalified-approved.asp#axzz1virEZbQV
sorry my question was misunderstood....
if you were pre-approved, how long from actual mortgage application to mortgage approval/closing.
Ours is a fairly straightforward deal and our mortgage guy told us we would be able to close in 30 days, so we wrote our closing date into the contract. When I heard from our loan guy today, he reported that everything was in the underwriting department and going smoothly, and that we are right on schedule for closing. We went under contract on 5/3, made the final lender selection and locked in our rate on 5/4, submitted the formal mortgage app/updated documents/appraisal fee payment on 5/9, got the appraisal results on 5/16, and are set to close on 6/8. So it should be 36 days from contract to closing. (fingers crossed that things continue to go well!)
Maybe to know if how long will it will takes you better to contact your loan officer and ask about it. And to get the pre-approved mortgage tell to your officer to schedule you for a meeting to get a mortgage loan pre-approval. By this move i think your pre-approved mortgage will not taking so long.