Financing in 08502>Question Details

Swayzee Grod…, Home Buyer in New Jersey

Is getting a mortgage time consuming?

Asked by Swayzee Grodin, New Jersey Fri Apr 9, 2010

I want to buy a house quickly, is getting approved for a mortgage fast?

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So there you go Swayzee, without all the hullabaloo...
Depending upon the variables it will take about 30 days.

Now, you need to see whom is going to help you get the loan, this is key. Again, let me refer

Mike Lavanco
First Choice Bank
Senior Home Loan COnsultant
Office 732-536-3330
Cell: 908-307-3236


John Sacktig
Broker / Manager
Orange Key Realty
1 vote Thank Flag Link Mon Apr 12, 2010
Most banks can get you a mortgage within 30 -45 days. Your cooperation will determine how quickly it can get done, as well as the bank's underwriting department efficiency.
Get your documents in line--tax returns, bank statements, paystubs, etc. Good luck!
Web Reference: http://www.dianeglander.com
1 vote Thank Flag Link Sun Apr 11, 2010
In general loans are taking about 2 to 3 weeks to get a complete, final commitment without conditions. When you meet with a loan officer who takes your application (or if you complete one online), you should be prepared to furnish 30 days' worth of paystubs; 2 months' bank statements; a photo ID and another form of ID; possibly cancelled rent checks, and 2 years' of W-2s or tax returns if you're self-employed or commissioned (or bonus income applies).

Having a complete package up front allows the loan officer to submit a file that can basically go directly to an underwriter for review. You'll sign initial application documents, and a good faith estimate will be sent to you within 3 days of your application. In the meantime, an appraisal of your property (the one you're purchasing) will be ordered, and typically received within 7 business days. That would pretty much complete the picture from the underwriter's standpoint, who will issue a written commitment if all of the information supports an approvable file. This is true whether you have 30% down and are going conventionally, or putting only 3.5% down and using an FHA program.

Sometimes there are issues which arise as a result of bank statements showing large deposits. You'll need to show proof as to where this money came from. A good loan officer will evaluate the information you give him/her, and determine what the underwriter will require.

From my standpoint, I always look at the loan as if I were the underwriter, and try to anticipate any questions up front. The more/better information going in, the better your chances of a 'clean' commitment. It's important that you're working with a 'live body' loan officer; someone whom you can contact at any time with questions. I would take an 1/8th higher in the rate to know that you're getting great service!

I make it a point to make sure my clients are fully-informed, so they know exactly what's needed and how long things will take based on the information provided.
1 vote Thank Flag Link Fri Apr 9, 2010
Swayzee
Getting pre-approved is a quick as calling a loan rep on the phone to go over your financial information to see how much you can comfortably qualify for. That is the first step and an important one. Should not take more than a day to turn around. Then find the home of your dreams :) as a general rule, you won't formally apply for your mortgage (that is, fill out a mortgage application and pay $$) until you have found your home. You will then have approx 30 days to get a loan approval. All this is done while you are doing your home inspections, so you will not lose any time. So from beginning to end, if you start on Monday and get pre-approved, find a home this week, get out of attorney review in a few days, you can effectively close on a home that you are qualified for by the end of May. You should have no problem getting under contract by April 30th if you are looking to take advantage of the tax credit.

Call Bob Durham ASAP with Wells Fargo to get you started - 908 878-2782 and tell him you are looking to purchase quickly - he'll help you get your pre-approval and get you started - free of charge. Of course if you use him to get your mortgage, he'd appreciate that :)

Call me once you have your pre-approval and we can get going finding the home that works for you, and get you moved in quickly!!

Lynn
908 256-0508
dachisen@gmail.com
1 vote Thank Flag Link Fri Apr 9, 2010
For professional, hassle-free guidance and responsiveness, I recommend:
REMN (Real Estate Mortgage Network)

Stephen Thompson
499 Thornall Street
2nd Floor
Edison, NJ 08837

Cell: 609-577-1474
Email: sthompson@remn.com
0 votes Thank Flag Link Thu Sep 26, 2013
It all depends on the lender. I am a mortgage broker and a Realtor and the lenders I am using can close in less than 3 weeks. The norm is 4 weeks but that may be stretched out now wit the increased volume caused by the tax credit deadlines.

Mortgage Brokers are typically faster than banks or credit unions. If time is of the essence make sure they are using a lender who can get the loan done fast. Most lenders I use can issue an approval in 1-2 days after a full file submission. From there you just need the appraisal completed and you can close. So yes it can be fairly fast process but count on 3-4 weeks as a typical amount of time to get it all done and funded.
0 votes Thank Flag Link Mon Apr 19, 2010
30 -45 days for conventional, 45-60 for FHA. Your best bet though is to talk with a mortgage pro - they'll guide you on your financial readiness to buy and give you an accurate estimate on timing.

Good luck!!

Best,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Thu Apr 15, 2010
Hi Swayzee,

The mortgage approval process has received a lot of negative press during the downturn in the housing market but please feel comforted in the fact that the approval process is very simple provided your financial situation is stable and documentable. If you are in the market to buy a home I suggest you get pre-approved by a lender (this can be done over the phone) as soon as possible. That way you will be able to zoom in on the appropriately priced homes and move toward a smooth purchase.

If I can be of further assistance please do not hesitate to contact me.

Gloria Laughton Allston, Realtor
Coldwell Banker RB
Gloria.Laughton-Allston@cbmoves.com
0 votes Thank Flag Link Sun Apr 11, 2010
Swayzee, if you are concerned about the first time homebuyers tax credit, then you have plenty of time. The only issue would be going to contract on a home by April 30.

As far as how long it takes to get a mortgage, you haven't provided your personal information so it is hard to answer because every situation is different.

If your credit score is 750, you have more than enough money in the bank for your downpayment and closing costs and you have a regular job with enough income to qualify for the loan amount, then it should take a few weeks to get your mortgage done-assuming the house is in good shape, there are no appraisal issues, etc.

If your credit isn't perfect, your may need to spend a few weeks to improve your credit so you don't get hit with banking fees related to lower credit scores.

If you don't have enough money in the bank, it may take some time for you to get your money in order.

there are many other variables that come to play when it comes to getting a mortgage. The only way to possibly know how long it will take is to know your entire situation.

Without knowing your situation, it is almost like asking a mechanic how long it would take to repair your car-if you don't bring your car in they can't answer your question.

Feel free to contact me anytime via email (through my profile) or you can call my cell phone at 908-415-3958 if you have any questions.

I hope this was helpful.

Good luck.
0 votes Thank Flag Link Sat Apr 10, 2010
Hello Swayzee,

It can be done in around 30 days but only if you are not working with the right people it can take much longer Make sure you are using a bank and a loan officer that you can trust. My name is Joe Hage and I work for Bank of America Home Loans my number is (908)253-4110. I will ask for your income, credit, and asset information to pre approve you. If you have an offer accepted after your pre approval has been sent to the realtor it will take us 30 days to close your loan. The information you will need to provide is your income docs (pay stubs &w2's, if self employed then your tax returns or 1099's). Your bank statements for the last 60 days showing the downpayment, and your contract of sale once you have one. I have been an loan officer with Bank of America for the past 8 years and very knowledgeable you can call me at any time I would be more than happy to help you.
Joe Hage
Bank of America Home Loans
office 908 253-4110
fax 866-618-9504
joseph.j.hage@bankofamerica.com
0 votes Thank Flag Link Fri Apr 9, 2010
Not at all.......

We recommend a close evaluation of your monthly budget accounting for money both coming in and going out. If you have been operating within a budget for a period of time you should be able to arrive at a basic appreciation of what you will be able to afford.

If you will be attempting to go to contract before the April 30th tax incentive deadline it may be helpful to be preapproved for a loan prior to beginning your home search. Once you are pre-approved, you will be able to focus on searching for homes that are in your price range.

Working with an experienced real estate professional will benefit you as well and possible save valuable time. You still have time but......no time to waste. Get started today!

Good luck
0 votes Thank Flag Link Fri Apr 9, 2010
Getting a mortgage is a simple process depending how you handle. It usually takes 30-45 days from start to finish.
http://www.goforshortsale.com
0 votes Thank Flag Link Fri Apr 9, 2010
There are many variables.. But first you must speak to a mortgage professional.

Call:

Mike Lavanco
First Choice Bank
Senior Home Loan COnsultant
Office 732-536-3330
Cell: 908-307-3236


Mike will help giude you throught he process easily and will be able to tell you what you qualify for in an hour.

John Sacktig
Broker / Manager
Orange Key Realty
0 votes Thank Flag Link Fri Apr 9, 2010
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