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Asked by Mary, Fri Sep 26, 2008

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Answers

6
Patrick Cana…, Agent, West Chester, OH
Sat Sep 27, 2008
BEST ANSWER
Mary,

I would have to have more info on your situation to give a accurate answer. But if you are a strong buyer with a down-payment it should not take two weeks to get a pre-approval. To get full loan commitment it may take two weeks. I always encourage my clients to ask for a good faith estimate. Also, it never hurts to get a second opinion. Please feel free to call or email me any other questions.

Sincerely,
Patrick J. Canaan
Keller Williams Advisors
513-678-2487
pjcanaan@kw.com
0 votes
Scott Godzyk, Agent, Manchester, NH
Sat Sep 27, 2008
If you are a strong buyer you should be able to get approval in 24 to 48 hours (which is sometimes known as conditional committment) such as contingent upon aceptable appraisal, contingent upon review of 2006 and 2007 tax returns etc.. Your mortgage committment should come within 14 days after the appraisal has been completed and you have turned in anything they asked for in yoru conditional approval. hope this helps. good luck with your mortgage.
Web Reference:  http://www.ScottSellsNH.com
1 vote
Patel Shefali, Agent, Metuchen, NJ
Sat Sep 27, 2008
Mary,

You already have been pre-approved for a loan & now after applying for a loan & getting mortgage commitment will take considerably more time than they used to in 2005-2006 as bank check into every documents in more details. Once appraisal comes in OK that is acceptable to the purchase price of the property, bank will look into your past two years tax returns, credit scores, job stability etc. will issue unconditional martgage commitmnet. Two weeks time frame in this market is reasonable.

Good Luck!!

Shefali Patel
Prudential New Jersey Properties
3 Amboy Ave.
Metuchen, NJ 08840
Cell:908-447-2234
E.Mail:ShefaliPatel@PruNewJersey.com
0 votes
Bob McClure, Other Pro, Walled Lake, MI
Sat Sep 27, 2008
good morning mary....i have done low and high risk mortgage financing for almost fourteen years...i have done fha for almost 7 years........i have also taught classes for new and experienced mortgage reps on how to originate mortgages.....there are varying degrees of difficulty originating mortgages.....and that includes fha...when a loan is submitted now by computer as a first "look-see".....it may come back approve-eligible, or caution-refer...many caution-refer loans do close, but need and require additonal documentation and more time and work, because the credit, additional income documentation, etc, etc....there is no defined line that determines approval or denial.....many realtors believe they understand more about mortgage financing than they really do....if fast and quick is what is important to my clients with a challenging file...i am not the person to help them.....if borrowers want a methodical, well documented, and well assembled file that is packed with offsetting factors and explainations to overcome the shortcomings with their situation, as long as they can understand that there is a right and wrong way to obtain mortgage approval...i will work the file with a pashion, personally with my processor to obtain approval....there are many clients that i have closed, both purchases and refinance that have been denied at more than one lender........for any realtor that thinks looking for another mortgage rep that takes more than two weeks to get tough files approved......perhaps you need the services of someone that can close most all of the clients that have come to your mortgage rep and have been denied....it has cost you more than one commission check.......the majority of files that come-back approve-eligible...can close in a timely manner......the reason many files never close is because they are dead before the mortgage rep's pen hits the paper.....because they don't know how to put the deal together....i hope that helps...bob mcclure- mortgage now- farmington, michigan....
0 votes
Michael Barr…, Agent, Irvine, CA
Sat Sep 27, 2008
Hi there Mary, do you meen 2 weeks for approval or tepo weeks to actaully close on the loan

Kind Regards
Michael Barron
First Team Real Estate
(714) 552-6817
michael-barron@sbcglobal.net
0 votes
Bill Eckler, Agent, Venice, FL
Fri Sep 26, 2008
Mary,

If you are talking 2 weeks for an approval.......

Keep looking........

That seems very slow even for these times.
0 votes
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