How long (average or range) does it take buyers to get a mortgage commitment letter from lenders, for a conventional loan?

Asked by Bernadette, Maryland Mon Sep 24, 2012

How long (average or range) does it take buyers to get a mortgage commitment letter from lenders, for a conventional loan?

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Shelley Green, Agent, Bethesda, MD
Thu Dec 13, 2012

I concur with the other 2 responses that within an hour a buyer should be able to get a pre-approval letter from a lender. However, a mortgage commitment letter takes between 20-45 days, depending on how complicated the buyer's finances. Self employed buyers run into alot of extra paperwork which can drag out the approval process and delay the mortgage commitment letter. Also, one needs to take into consideration if the buyer is getting 1 or 2 loans (1st & 2nd trust, like an 80/10/10 loan), it takes longer to hear back from the 2nd trust loan on approval.

Hope this helps!

Shelley Green
The Banner Team
Long & Foster Realtors
1 vote
Catherine Wa…, , Gaithersburg, MD
Sat Apr 6, 2013
Bernadette, there is a difference between a "loan commitment" and a "pre-approval". However, a loan commitment which includes a complete review of the file and underwriting approval includes an appraisal be completed as well. This can vary by lender. It is best to work with a lender who has in-house underwriting, processing, and closing departments as things move more quickly since everything is local. I would be happy to assist you with your loan process as we do have this type of service. Typically with our company, it takes 24-48 hours for underwriting to issue a loan approval. That said, an appraisal can take anywhere from 2 days to 1 week, depending upon the appraiser.

Feel free to contact me and I can ensure you a smooth process. I look forward to serving you.
0 votes
Miekeba Jones, Agent, Silver Spring, MD
Sat Feb 23, 2013
Hi Bernadette, lenders are different. It's best to consult your mortgage lender of choice.
0 votes
brent mendel…, Mortgage Broker Or Lender, Bethesda, MD
Mon Sep 24, 2012

Yes we as lenders could generate a pre approval letter in an hour as long as the buyer gives us the information we require. For a proper letter we should see credit, income and assets. The file should be run thru DU or LP to see any potential problems. For the closing I recommend 30 days for closing. I have done them in as little as 9 days but that was a rush and isn't preferred but all went smoothly. So the loan that was 14 days for the appraisal and 21 for the finance contingency. So I will make sure the committment letter is out 21 days no later to meet that deadline. Again I hope this was helpful and please let me know if there are any questions.

Brent Mendelson
1st Mariner Mortgage
Nmls #111407
0 votes
Ellyn Pollack, Agent, Potomac, MD
Mon Sep 24, 2012
Hi, Bernadette. Most lenders can do a preapproval letter in less than an hour. They can talk to you on the phone and ask a few questions. run your credit, and then generate a preapproval letter. If you are referring to the final commitment after you find the house you want to buy, then the average time period is 30 days, but it can be done faster if time is critical. Sometimes they can even do it in 1 or 2 weeks.

I hope that helps. If you have more questions, email me at I am an Associate Broker with RE/MAX Town Center (licensed in MD, DC, and VA)
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