How long does it take a Mortgage (Wachovia) to process paper work and commit me to a loan?

Asked by Lance, Jersey City, NJ Wed Jul 2, 2008

The loan is for $140,000 in NJ and they have all my paper work signed as well as my contract. I need to be committed by July 14 for close on july 25. Will they be able to do it?

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Jeanne Feeni…, Agent, Basking Ridge, NJ
Wed Jul 2, 2008
Hi Lance, they should be able to do it - of course you need to ask them to be certain. I know that the Weichert Financial team in my office can make these deadlines. Everyone needs to be "on their game" so stay on top of the players.

One quick question - is this a condo/townhome? We're finding that banks are requiring that the association complete a Condo Questionnaire - it is generic, not unit specific, and so if another unit has sold recently, they should have one on file and be able to provide it promptly. If you are buying a Condo/Townhome ask your banker about this.

Good luck to you,
Jeannie Feenick
Weichert Realtors
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Sharon Kozinn, Agent, Hillsdale, NJ
Wed Jul 2, 2008
Dear Lance,
Good luck with your new home. Make sure that the bank is aware of your commitment date and scheduled closing. You also want to double check that they have all the paperwork they need for underwriting to issue the commitment. Sometimes 1 or 2 forms slip through the cracks and hold things up.

Sharon Kozinn
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