Financing in 14901>Question Details

Kate, Home Buyer in Elmira, NY

How long does mortgage approval take in my area?

Asked by Kate, Elmira, NY Fri May 4, 2012

I have a 40% down payment and a credit score around 680.

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Kate- I would think that with the correct lender, you would be able to apply, have your mortgage approved and close on the property in about a month. A local bank will almost always be easier to work with rather than a nationwide bank. Feel free to contact me if you would like a few suggestions for local lenders near Elmira.

Graydon Locey
Locey Realty Group
Ph: 607.739.0900
0 votes Thank Flag Link Fri May 18, 2012
Hello Kate,

This depends on what company you use to get the mortgage, and how fast you provide the info that the lender requests to the lender. Most of the time, the process takes from 21 to 30 days, sometimes longer. If your score is borderline in the program you applied for, it might take longer than usual, as the underwriter will look for "compensating factors" and ways of justifying their decision (whatever it might be).

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
0 votes Thank Flag Link Fri May 4, 2012
Your loan officer can best answer your question, therefore consider a consultation...
0 votes Thank Flag Link Fri May 4, 2012
It depends on what you mean by "approval." It also depends on what kind of loan. By the information you provided I'll assume a conventional 30yr fixed mortgage. If you provide all documentation requested in a timely fashion and there are no issues with title, you should be able to purchase a home start to finish in 30 days. But overall, I would allow 45, just in case.

Hope that helps.
0 votes Thank Flag Link Fri May 4, 2012
A mortgage broker can prequalify you in minutes. Final approval will take a couple of weeks. If you have 40% down, you should be in great shape. I would work on trying to get your score higher. Pay some balances down or off and check for any errors on your report. You will get a better interest rate by doing a little work.
0 votes Thank Flag Link Fri May 4, 2012
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