Janice Wilch…, Other/Just Looking in Middlebury, IN

how long does it ordinarily take to do the underwriting for a mortgage after preapproval of credit, tax returns, check stubs?

Asked by Janice Wilchewsky, Middlebury, IN Wed Sep 8, 2010

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Jody Jones, Agent, Elkhart, IN
Wed Sep 8, 2010

Allot depends on the underwriter you are using. They ALL take much longer now than they used to, many with seemingly endless demands of this or that before you can close. Even with an 80/20 conventional mortgage. If you are going FHA or VA...it can take a minimum of 8 weeks or more to close. My advice is to find a financing company who has options so that if one lender is being too difficult they can move the loan to someone else.

The good news is that most sellers are willing to work with you to help get the deal done! Good luck and if you would like any other information about the local market, please feel free to contact me.

Jody Jones
Century 21 Landmark Realty
1 vote
Marta Mohan, Agent, Sugarland, TX
Thu Sep 9, 2010
As with everything in Real Estate it really differs by location, although throughout the country we have all felt the changes and additional delays in the past year or two. We can still go from contract to closing in 30 days if the buyers have good credit and submit paperwork in a timely manner. Having said this, we have had delays because the underwriters request items that seem ridiculous and are difficult for the buyer to come up with. Once the loan is submitted for underwriting - we have seen them come out in as little as a few days to as many as 3 weeks or more. Sorry there is not an exact answer to this one. The word of advice here is to make sure that you have every possible possible piece of information available and you fill out your application as carefully as possible.
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Mark Fleysher, Agent, Las Vegas, NV
Wed Sep 8, 2010
Hi Janice,

It can really vary; larger banks definitely take longer than a private mortgage specialist, as they follow their own rules, in addition to the laws.

It can also vary on local/state laws.

My mortgage specialist here in Las Vegas can have funds released within a 3 week period, when she hustles.

I can recommend that you contact different mortgage specialists in your area, and inquire directly from them.

I can help with any of your Las Vegas Real Estate needs or questions; feel free to contact me direct.



Mark D Fleysher, MBA, Broker, REALTOR
The Jack Conley Realty Group
C. 702-291-8186 F. 702-946-0843
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