Question Details

Kristal Kraft, Real Estate Pro in Greenwood Village, CO

How long does it take to get a loan commitment, assuming a buyer has decent credit?

Asked by Kristal Kraft, Greenwood Village, CO Wed May 23, 2007

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A conditional loan approval can be obtained in about 20 minutes, provided the application and supporting income and asset documentation is there. A mortgage loan commitment usually takes 24-48 hours. The underwriter signs off on al of the income/asset documentation. The morgage loan commitment is a true approval, subject to property conditions (appraisal, title, and condo certification, when necessary). Final loan approval usually takes 7-10 days from there, assuming the appraisal and title report is in within 5-7 days.
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3 votes Thank Flag Link Wed May 23, 2007
You can get a DU response in minutes. Having the documentation from the borrower to support an approval takes longer. If they've all ready provided it to the LO then you're good to go! With FHA and VA, at our office in Seattle, it takes just a day if we have a complete application for an approval (pre-appraisal).
4 votes Thank Flag Link Wed May 23, 2007
With "Desk Top" underwriting, direct lenders can get a loan approval within about 20 minutes. This loan "approval" will be conditioned on an acceptible appraisal, which would usually add 3-5 days to the process. Fully documented loan commitments can be ready with some lenders in about 1 week for conventional loans. FHA loans can usually be underwritten and commitment within about 15 days. VA appraisers have, by law, 10 days to produce the appraisal, VA loan commitments are usually at least 15 days miniumum.
4 votes Thank Flag Link Wed May 23, 2007
How about a VA Loan? Longer or Quicker?
0 votes Thank Flag Link Fri May 29, 2009
Actually now I have seen some lenders that are over 7 days in underwriting. It can take longer now.
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0 votes Thank Flag Link Sat May 17, 2008
It really depends on the situation....There are many variables, people will always tell you they can get a loan done in X amount of days without knowing anything, then when they figure out your real situation it's amazing how that X amount of days turns into 30 days.

A cookie cutter loan, assuming everythings perfect, no problems whatsoever, should be able to get done in 11 days. My fastest start to finish has been 3 days but that was focusing on one single loan . Iv'e also had a couple close in 7 days.
0 votes Thank Flag Link Fri May 16, 2008
I've done them in as few as 5 days. I think it would be tough to do it in less than that.
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0 votes Thank Flag Link Tue Nov 6, 2007
I've seen some transaction close in 10-12 days.
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0 votes Thank Flag Link Sun Aug 12, 2007
The Hagley G…, Real Estate Pro in Pleasanton, CA
Hi Kristal: You should be able to secure a mortgage commitment pending a signed purchase agreement, title search and appraisal within minutes so long as you can verify income, funds to close and authorize a credit report being pulled. From the time you secure the home you want to buy, and provide the purchase agreement to you lender, it should take no more than 2 weeks to finalize the outstanding contingencies of the commitment.

Melissa B Mancini, Realtor, CBR, GRI
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0 votes Thank Flag Link Sun Aug 12, 2007
You should be able to meet with a lender, complete your loan application, run your credit and have an underwriting approval within minutes subject to a purchase contract, appraisal and title report. As long as you have the documentation to lender it can be finalized within a brief period of time.
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0 votes Thank Flag Link Sun Aug 12, 2007
Pam Winterba…, Real Estate Pro in Danville, VA
When working with a reputable Loan Broker/lender it takes no time at all, within minutes the credit can be run and info can be processed. The real trick with any Lender worth his/her salt is to take the time to talk to the buyer and find out through questioning what their goals and objectives are so that a good loan program can be tailored to their specifications.
0 votes Thank Flag Link Sat Jun 9, 2007
Thanks for your answers. You certainly dispel the myth that is takes a long time to get a loan!
0 votes Thank Flag Link Wed May 23, 2007
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