Home Buying in Oakland>Question Details

Sheena, Home Buyer in Mountain House, CA

My husband and I submitted the documentation requested to our broker on Wednesday (3:00 in the afternoon) to get the process started for an FHA loan.

Asked by Sheena, Mountain House, CA Fri Jun 11, 2010

Should we have heard some response by now, or is it too soon to know anything? I've heard about people who get pre-approvals within minutes, is her lack of response due to not being able to get a bank to preapprove us? We are really nervous and really hope to qualify for this loan, thanks to anybody who has some input!!

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10
Pre-qualified is not pre-approved. Be careful, no realtor will accept an offer on a pre-qual letter you need a real pre-approval.
0 votes Thank Flag Link Sat Jun 19, 2010
We finally heard back from her, she said she had a family emergency *shrugs shoulders*...we were PRE-QUALIFIED for $425,000 I am so elated, I mean I knew we had what it takes, but this lady had us doubting ourselves...LET THE HOUSE SEARCH BEGIN YESSSSS!!!! Thanks everyone for your words of wisdom!!!!
0 votes Thank Flag Link Fri Jun 18, 2010
Hello Sheena,

I would advise you go to another lender. If you like, I can send you names of a few people I work with. I always suggest you interview 3 different lenders to get the best rates :)

Kamal Randhawa
Broker
510-932-1066
0 votes Thank Flag Link Fri Jun 18, 2010
So we still have not heard back from our broker. I've left several emails as well as messages. I truly hope that everything is ok with her personally, but on a business note I am pissed. She said that we should have heard something by Monday (this was Friday) and now she is not even responding to my emails or calls. Could this have anything to do with my husband and I not qualifying for the loan, or could it be something else? I mean I hope she isn't trying to avoid us because we were declined, honestly I would prefer a decline over a no response. At least we would know where to go from here, all of this waiting in limbo has me really uneasy. Plus I'm even more nervous that this person has ALL of our private information...maybe this wasn't a good idea after all!!
0 votes Thank Flag Link Thu Jun 17, 2010
It usually takes a few days. Pre-approvals require much more than the usual pre-qualifications in the past. Give them 2-3 days, but always get a time line in advance.

Personally I take care of my pre-approvals in 24-48 hours because I am set up to do so. Many loan officers, especially at some of the larger banks have issues processing efficiently due to the volume of files they are receiving.
0 votes Thank Flag Link Sun Jun 13, 2010
Hi Sheena,

I would suggest talking to a broker as well if you are looking for better service and communication. We are doing pre approval in 24 hours max for example, these are approvals through Fannie mae or Freddie Mac and we can use them at virtually any lender. We are also getting a lot of business due to people applying at banks and getting frustarted with the process and not feeling very educated about the lending process. FHA especially has some challenges and expenses to it and more often than not a bank will provide you with a piece of paper but any form of guidance. You can also expect a lack of communication when the underwriting begins I often hear from my real estate agent partners. I am not saying all loan originators working for the banks are lousy, i just know for a fact brokers generally provide better service and aren't necessarily more expensive and I have worked for both. We are more educated and more skilled at our craft. It's also a good idea to get a second quote anyway. After all when do you buy the first car you see with the first car financing option?

My information is on my profile and my contact information is on my website listed below if you would like further assistance from me. I look forward to having the opportunity to help you. You won't be dissapointed!

Very Truly Yours,


Garrick Werdmuller
Web Reference: http://www.garrick.biz
0 votes Thank Flag Link Sat Jun 12, 2010
Thanks everybody for the answers, I really hope that it's taking longer because it is a pre-approval (and not a pre-qualification) and not because no bank is willing to lend to us...man this process is so stressful! I did however send her an email checking on the status and letting her know that if she needed more info to let us know, I hope she works weekends and will respond quickly. Hopefully we will hear something soon, thanks again!!
0 votes Thank Flag Link Fri Jun 11, 2010
Hello Sheena,
As the others have already stated - it would be a great idea to give your broker a call to check on the status of your loan application. They should be able to provide you with some general timelines so you don't feel left in the dark throughout the process. Loan officers can pre-qualify you in minutes by reviewing your financial details and credit score/history, but a pre-approval will take more time. As long as the numbers add up you should be fine.
Do keep in mind - lenders are extremely busy at the moment trying to complete all of the pending loans in order to beat the June 30th homebuyer tax credit deadline, so this may be a reason for the delay.
Don't be shy! Give your broker a call and ask for an update! They really won't mind the call.

Good Luck!
0 votes Thank Flag Link Fri Jun 11, 2010
I don't mean to state the obvious(but I will anyway) but have you thought of giving her a call?
It seems as if it would alleviate your stress to know one way or another.
Call, find out and then you can move on, one way or another.
Best of luck.
0 votes Thank Flag Link Fri Jun 11, 2010
You probably should have heard something by now... at least asking more questions if they have them. Lenders are being extremely cautious these days and double and triple checking all your information. They can probably give you a pre-qualification in a few minutes but to get a real pre-approval they want to make sure that you have all your financials in place. Call your loan broker and see if they can give you an update. I don't know any mortgage people that are not happy to help you - even on the weekend.
Web Reference: http://www.hiphoods.com
0 votes Thank Flag Link Fri Jun 11, 2010
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