9. How long will it take to process my loan application?
This answer to this question usually depends on a number of variables. When the loan business is brisk, underwriters (the people in charge of loan approvals) can get backed up, verification can take longer (for employment, financials, etc.), appraisals can move slower and other bottlenecks can develop along the loan pipeline. Lenders may say two weeks, but 30 days is a little more realistic in most cases. However, a great loan officer, affiliated with a great lender, can often push a loan through much more quickly. You'll also need their knowledge and experience to determine how long to lock in your loan for (and when the best time is to lock it). Of course, this is why I reccommend starting the approval process early (before you even start shopping for homes). Being truly pre-approved means you can offer a quicker closing to the Seller, and shorter time for financing approval, and these can be excellent barganing chips.
Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com
|
RSS Blog Feed