How long does the mortgage process take?

[Anonymous]

I wasn't preapproved since it was sprung on us with no notice that we would have to move soon, and we started looking at houses while simultaneously speaking with mortgage people. Luckily we found a house and negotiated the price within two weeks (really great considering we are only looking in a 15 block area where most of the houses are too expensive for us!)

Anyhow, the inspection is Monday and assuming all goes well, we're putting in our application Tuesday or Wednesday. I already have all the documentation ready and our LO seems to think there will be no issues with our application (I posted earlier about a possible employment problem, but he said it probably won't be a problem at all.)

If we get an approval through the AUS, how long will it take until we can close? And if it has to go through manual UW, then how long? I'm a school teacher and I'm hoping to be in my new home before the start of the new school year, September 3rd.

[Anonymous]

I am not an expert, however, can tell you about my experience. We were pre-approved (or maybe more like pre-qualified actually as we didn't go through full underwriting at that time) prior to being under contract, but that process took only about a week, which included submitting our app online, getting pre-aproved through automatic underwriting, meeting with the LO to get all our documents in (to prove what was put into  auto underwriting was accurate) and signing the initial paperwork. Then, it sat in the processor's office until we had a contract and were through inspections (which you will already have done when you apply). After that, it took a week to get the appraisal back and another 2 weeks or so for processing and underwriting, making the total actual processing time less than 30 days (if you don't count the time it sat there while we were looking for a place and getting inspections done). So, I think you will be done well before september as long as there are no major snags.

[Anonymous]

You should have plenty of time.

I applied on February 6th, was approved February 10th, put in an offer on a house February 13th...went through all the inspections, counter offer for repairs, appraisal etc. and closed on March 18th.

As long as your loan people, Title people and real estate agent are on top of things it shouldn't take more than 30 days from start to finish.

Good Luck!