How long does it take to process a loan application?

Asked by Trulia Houston, Houston, TX Thu Feb 28, 2013

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Vera Gonzalez, Agent, Sterling Heights, MI
Fri Mar 1, 2013
Usually 72 hours or less on loan application. 45 days or less on actual loan.

Vera
0 votes
Russ Ravary, Agent, Commerce Township, MI
Fri Mar 1, 2013
Normally from the time it is submitted it takes a good mortgage company from 30 to 45 days on the average. But it depends on how quickly the borrower gets the information to the mortgage company when they ask for additional information.

If they ask for additional documentation try to get it back to them within one day to keep the loan moving along
0 votes
Al Geffon, Agent, Houston, TX
Fri Mar 1, 2013
Does the question refer to the time it takes to move the application on to the next stage (underwriting) or from beginning to end (final approval)? If it's the former, my colleagues have answered it. Should it be the latter, much is dependent upon how long it takes to gather all the information required ... from tax returns to appraisal. In this instance, we're looking at 30 to 45 days under "normal" conditions (i.e. no missing pieces and a favorable appraisal). I've had them take less time, but it usually requires the buyers to have all the necessary documentation at their fingertips, with no glitches along the way.

Al Geffon
(713) 213-6350
al@geffon.net
Web Reference:  http://www.har.com/algeffon
0 votes
, ,
Thu Feb 28, 2013
Depends on how fast things respond. Like your employer and the irs, ect.
72 hours is a good number. Can take longer if the processor workload is high that month


Tom Burris
Mortgage Banker
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tburris@servicefirstmtg.com
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0 votes
Kay Harris, Agent, Pearland, TX
Thu Feb 28, 2013
Most lenders can process a loan application the same day, but there are some who take up to 72 hours depending on their workload.
0 votes
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