how long does it take to get mortgage commitment how long does it take to get mortgage commitment?

Asked by Joseph Petrello, Bronxville, NY Tue Mar 20, 2012

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Jennifer Cal…, , Spokane, WA
Tue Mar 20, 2012
We are also seeing about 14 - 45 days to get the commitment, but it does depend on the type of loan.
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Abu Musa, Agent, New York, NY
Tue Mar 20, 2012
It depends on the kind of mortgage and mortgage company. Normally 14 days to 45 days.You may talk to your mortgage bank to be specific.
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Dave Gould, Agent, San Antonio, TX
Tue Mar 20, 2012
Are you talking about a prequalification letter, a preapproval letter or the actual loan commitment? When you start to make offers, most Realtors and their Sellers will require a prequalification letter. This basically states that the loan officer has seen proof of income, assets and a credit report. And, based on that information the loan officer believes that the prospect will be approved for a loan up to a certain amount, at a no more than interest rate and will note the type of loan proposed, FHA, VA or conventional. A preapproval letter is given when all of the prospects information has been verified, an underwriter has looked at the file and has approved what she sees. A preapproval letter is also subject to some future conditions, allthough these conditions are less than those seen on a prequalification. A loan commitment happens when the underwriter has both complete information on the prospect and The contract and title commitment for a particular piece of property. If the underwriter likes what she sees up to this point, she will issue a conditional commitment subject to other items such as appraisal, updated financials and so on. The length of time for a conditional commitment depends strictly on the lender the prospect has chosen. Some are "backed up" and take a very long time, others are more efficient and take much less time. Generally, you will see a mortgage banking company move much faster than a national bank.
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Scott Godzyk, Agent, Manchester, NH
Tue Mar 20, 2012
It depends on the type of mortgage, I have seen committment on conventional loans come in as little as 14 days although teh average is 30 days. For FHA or USDA the average is 40 days. you should simply ask your loan officer who will have your financials and be able to give you a firmer answer.
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