How long does it take for a home loan to go through?
Posted by admin | Under Home Loan Tuesday Nov 4, 2008How long does it take for a home loan to go through once you have been preapproved and found the house and signed the contract? They got the closing date scheduled in a month i just dont want to start packing untill I know everythings a donr deal.
That depends on the underwriters at your lenders. I've had real good credit clients go as fast as two weeks and if there are a number of things on your report that need to be expl;ained or cleared it could go as long as seven weeks. It all depends on your credit report and the underwriters.
Ask your agent and loan officer.
Unless you change your mind, the closing should be on time. Most real estate transaction close within a month.
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It depends on the lender and you. If everything is in order and remains so, it should take at least 10 days. Any problems come around will push it passed the scheduled close date.
If you went out and bought a car before the paperwork is processed, you would've altered your credit picture, and they would have to run the pre-approval process all over again. Also, if the loan officer is slow in processing your paperwork then you may see delays because of it.
To expedite the process, keep in touch with the loan officer to make sure everything is in order. And hold off on big purchases until you have your name on the mailbox of your new home.
Good luck
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That depends on the underwriters at your lenders. I've had real good credit clients go as fast as two weeks and if there are a number of things on your report that need to be expl;ained or cleared it could go as long as seven weeks. It all depends on your credit report and the underwriters.
Ask your agent and loan officer.
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An Agent
3 weeks
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A month is about right. If you already got preapproved and supplied them with everything they asked (paycheck stubs, bank statements, etc), its fairly easy. Make sure they get a copy of the purchase & sale agreement immediately and the escrow/title company gives them acopy of the title report. Then just ask your loan personif the time line is on track.
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30 days max
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Usually a month would be appropraite enough time. As mentioned previously it does depend on your fincial situation and the underwriters.
Generally the loan will take a week from pre approval to be formally approved. During this time you will need to supply your lender with a Contract of Sale and the lender will organise for the propery to be inspected and final assessment of your loan
Once formal approval is granted contracts are then able to go out to your solicitor and you will be asked to sign and return them, settlement of the loan is then organised.
The above ofcourse is assuming the lenders are happy with your fincial situation, credit checks , property etc - if there is a problem in any of these areas there could be delays.