Some companies can get one out in a day. Yet, I have heard some of the big banks taking 7 - 10 days or more.
Bottom line: You aren't being underwritten for all of this time!! Your file is sitting in a locked file cabinet in line to be seen by an underwriter for most of this time.
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It does vary slightly but purchases always have a priority with lenders. As a mortgage broker and Realtor I work with many lenders. Typically I can get an underwriting approval back with a clean file in 2-4 business days from full file submission.
It does depend on the lender and the borrower along with how the file is put together but that is generally the time frame you should expect. Contact your lender to get more specific information from your lender.
Best of luck to you,
REALTORÂ® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
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