Home Buying in 19709>Question Details

Keivnjr, Home Buyer in 19709

does anyone know the length of time to get a committment letter, we sold our coop and the buyer still is waiting on the bank? Its been like 5 weeks?

Asked by Keivnjr, 19709 Mon Jun 20, 2011

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First of all, the date for the commitment letter should be in your contract of sale. The lender should be able to meet that date. Typically, I allow 30 days because of the changes in the mortgage regulations. Processing and underwriting time has become slower because of these changes and it will take longer if there are any complications with the buyer's qualifications (credit history, in particular). Check the date on your contract and get in touch with your real estate agent. If it close to that date, your agent should file an addendum extending the time to receive the commitment.
1 vote Thank Flag Link Sat Oct 5, 2013
The commitment Letter shouldn't take more than 2-3 weeks as the timeline is as follows:

Step 1 - Make Loan Application
Step 2 Submit loan to processing (1 week to process)
Step 3 - Order Appriasal (1-2 week turn time)
Step 4 - Submit to underwriting (1 week at most)
Step 5 - Issue Mortgage commitment Letter once loan has been underwritten

So if 2 weeks for appraisal and then 1 week for underwriting looking at 3 weeks at most.

John R. Thomas
Primary Residential Mortgage
NMLS 38783
302-703-0727 Office
0 votes Thank Flag Link Sun Apr 28, 2013
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