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Pre-approval process - Nerves starting to kick in...

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Anonymous
Not applicable

Pre-approval process - Nerves starting to kick in...

Hi everyone,

 

I do love this forum!! Just needed to share that.

 

My bf and I just dropped off our packet of documentation to our Chase LO to start the pre-approval process and so far have a great relationship with him.

 

We found a condo we love and want to present an offer, but are waiting for our pre-approval before we move forward. How long does it typically take? He told us 7-10 days but also said that the bank would be sending us a packet via mail to sign and review. Does this mean it may take longer? The condo we love just had a price reduction and we don't want to miss our on our chance. I'm just a bit nervous, especially since I'm a first time homebuyer.

 

Any thoughts, insights or shared experiences would be much appreciated.

 

Many thanks,

Michelle

Message 1 of 5
4 REPLIES 4
ShanetheMortgageMan
Super Contributor

Re: Pre-approval process - Nerves starting to kick in...

Can take as little as a couple days or a couple weeks, it's different depending on which lender you go with.  7-10 days is quite a long time though.  Keep in touch with your loan officer and you should have a good idea on when you'll get the pre-approval.
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 2 of 5
MrCredit
Established Contributor

Re: Pre-approval process - Nerves starting to kick in...

If you have average scores, check out Cap One Home Loans, there is a guy there that

I dealt with (EDITED) phonemonial! He gave me a preapproval in minutes, and within seven days we

were set to close. Yes seven days! I had a middle score then of 690.

 

Got a rate of 6.75 30 yr fixed with PMI ($60) a month. Thats cheap for PMI.

I hate paying it but thats still cheap. Hope this helps and good luck with home purchasing.

You will be nervous its normal, I was the same way wondering what if this what if that, the truth

is they only pull credit at the beginning. At least thats what they did for me. I was fortunate to have

a great loan officer. The going rate in Nov 07 was 6.5... didnt have a lot to put down, put down 5%

 

MrCredit, including personal info like names, addresses, e-mails, etc. within any post, esp. relating to another company, is frowned upon and is against the Terms of Service of this site. - llecs

Message Edited by MrCredit on 11-25-2008 08:51 PM
Message Edited by llecs on 11-26-2008 07:16 AM
Message 3 of 5
Anonymous
Not applicable

Re: Pre-approval process - Nerves starting to kick in...

Thanks McCredit and Shane for your responses. Spoke to my LO and he said we should have an answer by end of next week. With Thanksgiving, it's going to take a little longer. The unknown makes it more stressful.

 

I'm hoping for the best and a smooth home buying experience. I can't wait for the day I can post "officially closed" on these forums!

 

Happy Thanksgiving!

Message 4 of 5
BrianB_The_Loan_Professor
Valued Contributor

Re: Pre-approval process - Nerves starting to kick in...

Good Luck

Banking grinds to a crawl around holidays

B

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Brian B The Loan Professor
Mortgage Banker - offering FHA, VA, USDA , and Conventional mortgages in all 50 states -

If I do not respond to a follow up question please feel free to contact me directly
Message 5 of 5
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