Home Buying in Leander>Question Details

acaraway1217, Home Buyer in Suffern, NY

Why is my prequalification taking so long?

Asked by acaraway1217, Suffern, NY Sun May 19, 2013

We submitted an initial application for the first time ever on 3/22/2013. Submitted all documents: bank statement, tax returns, credit card statements, employment verification and pay stubs at that time. We are using united lending in Austin, tx.
In the meantime, kroll factual data has put a hard inquiry on my credit report twice. I assume I had to give permission each time for such a thing?!
Are we victims of a lazy lender? Should we move on? What do I do about their multiple hard inquiries? To the best of my knowledge there's been ZERO progress here. I'm getting really annoyed.

Help the community by answering this question:


Those who have responded before me are all correct..don't waste another minute..MOVE ON!..
You should understand a prequalification is a worthless document when looking to purchase a home. It serves ONLY as a conversation starter betwenn you and the lender or mortgage broker.
When looking to PURCHASE a home, the document you will need is a PRE-APPROVAL. This document is supposed to mean the lender/broker has actually VERIFIED...something. Too often 'jellybean' lenders (Never Ever BAnk of Clearwater FL) will verify NOTHING until the property is under a purchase agreement THEN discover the buyer is not employed! That helps no one. Certainly not the seller who now must come up with a explaination why the first contract failed.Unfortuneately 'jellybean' is not a well perceived explaination in this context.
To hold the lender accountable for their promises, get a GFE as soon as possible. Any document presented not titled Good Faith Estimate is subject to change and can not be used to compare fees.
Local lenders, who have a history of investiong in the community through small business loans and home loans are a really good resource. Select an "A" or "B" graded lender near you. You will discover all the "Too big to care's" are "F" graded. Just enter the city or zip of you destination.
0 votes Thank Flag Link Mon Jul 29, 2013
I find that local lenders are quicker, more readily available and easy to work with.
0 votes Thank Flag Link Mon Jul 29, 2013
A lender should be able to provide you with a pre-qual in minutes. If I were in your shoes I would move on to a new lender.
0 votes Thank Flag Link Mon Jul 29, 2013
MOVE ON... Pre-qual sessions take a mere 15 minutes!
0 votes Thank Flag Link Mon Jul 29, 2013
Yeas I agree you need a new lender, a lot of Loan Officers are lazy unless you are a big payday. Work with someone that will treat you like a person and help you get approved no matter what. I suggest http://www.thelendersnetwork.com
0 votes Thank Flag Link Sun Jul 28, 2013
It sounds like you're using the wrong lender. I have reputable lenders who can get you pre-approved in 24 hours unless it's over a weekend -- then it could be a couple of days.

You gave permission for the lender to pull your credit as many times as they want when you signed their paperwork. My advice would be to e-mail them that you're no longer interested in working with them & move on.

If you don't have a Realtor, please contact me at 512-698-2214. If you have a Realtor, please ask her/him to recommend a different lender.

Nancy Bilunas, GRI, SFR, TAHS
Residential, Relocation & Equine Specialist
Keller Williams Realty
512-698-2214 (direct)
0 votes Thank Flag Link Tue May 21, 2013
I pre-qualify my clients and have their signed approval letter, itemization of fees worksheet, and finally their AUS (automated underwriting system) Approval within 48 hours. If it's taking more than 3-4 days, you called the wrong company.

Now if you talking about, "Formal Loan Approval", this is when you have a open escrow, and your loan must be processed for an actual Underwriter Decision. This process should normally take about 17-20 days upon an acceptance of your offer.

In closing, I get at least 3-5 calls a week from borrowers whose lenders have fallen off the face of the earth with no more return phone calls etc. My only advise is, if the process starts out a ugly it's only end up ugly so you might want to contact another lender asap and double app. You've got nothing to loose, just be honest with the new Loan Officer and tell them upfront your concerns about the previous LO.

Best of Luck!
0 votes Thank Flag Link Mon May 20, 2013
It shouldn't take that long. Are you working with a REALTOR that can help you get answers from the lender? Usually, once you complete your application, it could take a few days to a week max. When you filled out the application, that gives the lender permission to pull your credit.

Here are a couple lenders that will get back to you quickly. You can do an online application, then they will get back to you with a pre-approval so you can start shopping for a home. Then, you will send in your pay stubs, etc.

If you're not working with a REALTOR, I'd love to help you! Let me know if you have any other questions.

Good Luck,
Marcy Ringstaff
0 votes Thank Flag Link Mon May 20, 2013
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