How long does it take to receive an approval letter from a lender? Can they fax or email this document over to me?

Asked by Ryan D, 90026 Wed Jan 13, 2010

I need to obtain an approval letter from my lender, i've been pre-qualified already and they sent over the good faith estimate and truth in lending but for a different amount, the amount is lower. Now I'm waiting for a pre-approval letter that is less than what the the good faith document and truth in lending said. Will I ever get this letter from my lender and how long do I have to wait?

. I'm not really sure how long this

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Paris and Co…, Agent, Santa Clarita, CA
Wed Jan 13, 2010
There are different types of approvals. First there is just the Over the Telephone approval that lacks credit reports and any verification of income - sometimes called a "passing" approval. Most of these are not worth the paper they are written on and your real estate offer will have to include something stronger at the time, or soon after your offer is submitted.

The pre-approval letter is usually written after your credit report has been looked at without verification of your debt.

The "approval" letter is after all income, debts and credit are reviewed and calculated.

There is also Underwriter approval - which is the strongest - but most will need to be in escrow before one of these "bad boys" is issued.

With all "letter" it helps if they come from more reputable lenders. Whether mortgage brokers or main line banks - they both are good - but someone with a better reputation is key.

The first two can be faxed or emailed. But because you are not buying a pair of shoes. I would want to meet with the person loaning me the money face to face - but that is my own personal issue :-)

BTW - we don't do loans - but have some great resources. I am sure you will get other fantastic responses to your question here on Trulia by "reputable" lenders.

Be Safe.
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Thumbs up to Paris..good answer!
Flag Sun Jul 20, 2014
Saurabh Sethi, , Los Feliz, Los Angeles, CA
Sat Jul 3, 2010
Hi Ryan,

I don't see any reason why you can't get an approval letter within a couple hours. If you have submitted all the paperwork to the mortgage officer, then they should be able to provide you with a Pre-Approval letter.

Maybe you are leaving out a crucial detail in your question, because my mortgage brokers can get things done on the spot as long as all required paperwork is there.



Hollywood Hills, Los Feliz, Silverlake, Echo Park Real Estate Specialist
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Realtorbradr…, , Encino, CA
Wed Apr 14, 2010
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Lynn Le Glai…, Agent, Los Angeles, CA
Tue Apr 13, 2010
It shouldn't take that long-a couple of days. Ask the lender what's going on. If not satisfies, go to another lender.
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Alexandra Pa…, Agent, Montebello, CA
Thu Jan 14, 2010
Hi Ryan,

A preapproval letter should not take that long. If you are going through the same lender and he doesn't need any updated documents he/she can send you the approval letter in 10 minutes via email or fax.

Hope this helps.

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Shel-lee Dav…, Agent, Rolling Hills Estates, CA
Thu Jan 14, 2010
A pre-approval done by the loan officer, after reviewing your credit report, check stubs, tax returns and bank statements will take a few hours at most. A full loan approval, which means your loan has gone through underwriting, the appraisal has been received, the purchase agreement has been signed by both you and the seller, a preliminary title report has been issue that shows the home has insurable title and all the loan conditions have been met can take anywhere from 5 to 25 working days, depending on the lender, type of loan, etc.

The first type of approval is what is needed to get under contract to buy a home. This second type of approval is what you want to have before you remove your loan contingency. Hope this clarifies things for you. Dare to Dream.

Shel-lee Davis, CDPE
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
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Steven Ornel…, Agent, Fremont, CA
Wed Jan 13, 2010
Hi Ryan,

The problem may be that they do not have enough information.

The terms “Pre-Qualification” and “Pre-Approval” are erroneously used interchangeably quite a bit in the RE Industry to mean the same thing – they are not. You need a full Pre-Approval period! Don't be caught by surprises once you enter into escrow.
This particular topic is covered here:

You may also find reviewing some of the Agent's responses to the "Do you pre qualify your buyer's before you take them out to see properties?" question here quite useful:…

Best, Steve
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Grant Linsco…, Agent, Los Angeles, CA
Wed Jan 13, 2010
Hi Ryan,

Every lender is different with sending this approval letter. The lenders I work with can usually send it within a day or two. In crunch cases when the client is in need of an approval right away and has all of their documentation ready, I have received it the same day. I have a couple excellent lenders I would be happy to refer you in your area as my office is close to you in Los Feliz.

Best regards,

Grant Linscott
Keller Williams Realty
323.333.6222 cell
0 votes
Renae Paones…, , Los Angeles, CA
Wed Jan 13, 2010
It's really easy, email me: Renae Paonessa
0 votes
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