Should it take up tp 8 months for a bank to tell you if you have got your loan or not?

Asked by watsondickie15, Philadelphia, PA Tue May 14, 2013

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Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Tue May 14, 2013
Absolutely not. From the moment that you and the seller sign contracts, you should be able to have a decision on your loan within 30 days (from when you sign disclosures which usually happens around contract time as well). If it has been this long, chances are that your bank is having some sort of difficulty with your loan. I suggest you get your documents together and meet with a different lender and get a 2nd opinion.

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Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
0 votes
Christina Fe…, Agent, Drexel Hill, PA
Sat Jun 8, 2013
I wanted to agree with everyone here. It should never take 8 months to get a pre-approval on a loan.

Did they tell you your credit score? It may be that they needed you to clean up a few things on your report.

I work closely with mortgage companies to make sure my clients get pre-approved and ready to go in the shortest amount of time.

Feel free to give me a call at any time and we can talk about it! My cell is (914) 469-7672.

Have a wonderful weekend!

Christina Ferriello
Century 21 Alliance
3012 Township Line Road
Drexel Hill, PA 19026
610) 449-6006 (Main Office)
(610) 449-0645 (Fax)
(914) 469-7672 (Cell)

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0 votes
Alexis Jeffr…, Agent, Jenkintown, PA
Fri Jun 7, 2013
Hi WatsonDickie,

Absolutely, not!
I am a Licensed Real Estate Agent in PA! I work with lots of qualified Loan Officers.

Please contact me in the near future! I specialize in first-time Buyers!

I service primarily, Philadelphia, Bucks, Montgomery, Delaware, Chester counties!

I am licensed in PA. Also, I will be licensed in NJ later this 2013 year. Yes, I found my niche!

Alexis Jeffries
Liberty Bell Real Estate
Of Jenkintown
Office: 215-885-3332
Direct Number: 215-237-4147
0 votes
Don Sherman, Agent, Philadelphia, PA
Tue May 14, 2013
There is a one word answer; No.
I go to settlement with my clients in 4-6 weeks after agreement of sale is signed by seller & buyer.I suggest having your agent or yourself find another lender.
Don Sherman-SRES
Century21Advantage Gold-Castor
0 votes
Hannah Angert, , Philadelphia, PA
Tue May 14, 2013
Definitely not. What's happening?
0 votes
, ,
Tue May 14, 2013
Hello Watson,

No, not ever. In fact a decision has to be rendered in 30 days if all documentation is provided.

0 votes
Wes Costello, , Philadelphia, PA
Tue May 14, 2013

Wes Costello
AnnieMac Home Mortgage
0 votes
Simon Campbe…, Agent, Miami Beach, FL
Tue May 14, 2013
Eight months?! That is ridiculous. As long as you have provided the required paperwork, applications and proof of income/expenses, then preliminary loan approval should be received within just a couple of days. I would look for another lender or at the least a new loan officer.

Now, if you are working on a loan modification - well lender's are notoriously slow. You have to be the squeaky wheel if you want the grease.
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