Getting a pre-approval should not be an issue, most lenders can get you that in 20 minutes, what takes time is all the other processes up to the final funding and closing of the loan.
During this period a buyer needs to provide bank with everything they ask for (all the paperwork) without draggin' their feet to get what they ask for, when they ask for it. This is usually what slows down the lending process the most. Buyers usually drag their feet providing banks with the documents they request or only supply parts of the documents and then once the banks are finally able to extract all the information from the buyer they were so reluctant to give, they buyer expects an answer right there on the spot immediately.
That ain't gonna happen!!!
The buyer will hire a home inspector and have a home inspection done, the Realtor and attorney's will review with their clients the inspection results and address any issues.
The banks will order an appraisal
The sellers will need to get the property inspected for certificate of occupancy inspection and fire inspection requirements from the municipality
The banks will need to process all your paper work once they have everything including any FHA applications or addendum's fully executed. and run everything by their underwriters for loan approval under all the conditions, making sure they have all been met before signing off on final funding, these contracts will also need to be reviewed by the banks attorneys.
Finally your attorney will order a title background search looking for any clouds on the title or liens on the property and also order a survey of the property boundaries be performed also looking for any encumbrances or easements.
You will need to get home owners insurance before you can close as well, this can take anywhere from 2
days to a week to get.
The entire process should be done systematically to save you headaches, and prevent wasting money. A closing can be done in under 30 days if everything is rushed and the seller can be out of the house that quick.
Typically lenders are kind of slow these days with funding loans but I haven't had any issues with closings 30 days and over but have done one or two closings under 20 days but that is really rushing the process and is not recommended.
Every transaction has its own unique issues that pop up here and there but that is a rough guideline of a typical transaction process.
A pre-approval and a mortgage commitment are two different things.
A pre-approval takes about 15 minutes and will give you 99 percent of the information you need. If you need a quick pre-approval, call or email and I will be happy to do it for you.
However, in the state of NJ, in order to get a mortgage commitment, you must make an application and have an appraisal completed before a commitment is issued. This could take anywhere from a few weeks to a month. Maybe that's what the B of A person meant ???
201 741 5269
I am shocked that B of A will take a month ....I work with someone form Century 21 mortgage who will get you an approval within an hour ..He will be able to tell you what you can afford based on your credit /history/downpayment and will be able to tell you your options based on what you are willing to pay monthly ....
He is very helpful ....if you are interested ..email me at email@example.com and I will provide you with his info.....
Good Luck !!
Century 21 Worden & Green
I work with a great Mortgage rep that is with Wells Fargo. You need to speak with a reputable mortage company and representitive that will tell you exactly what you can do and give you your options.
I would avoid theBob's Mortgage and online broker types in the current market.
Tom Foley has handled many transactions for me, hard and easy... He will get you pre approved and tell you your options within a day.
I suggest you contact him.
197 Route 18 South, Suite 207
East Brunswick, NJ 08816
When you want to look for that house, call or email for listings and to discuss real estate in Central NJ.
Orange Key Realty
One month to get pre-approved?
You can email or call Mike Quaranta from Prosperity Mortgage
or you can even do everything online.... https://www.homeloans.com/loans/onlineform/AccountSelection/
Prosperity Mortgage is a great company and I work with them for New Construction. Lots of great products they offer to all kinds of buyers. Whether it be pre-existing sales, new construction and more.
Long and Foster Real Estate