topic Re: How long should this all take? in Mortgage Loans

How long should this all take?

Ravensfan2001 — Fri, 26 Jul 2013 04:02:06 GMT

If I have a preapproval, how long does it take from the time the seller accepts an offer, to the time the keys are handed to me (on average)?

I'm in a bind right now. I have the worst landlord ever. She's blaming me for everything that's gone wrong here. Now she's forcing us to sign a lease or move out. I received the voicemail about an hour ago, but I already applied for a mortgage on Wednesday. I haven't turned in any paperwork yet. And I haven't gotten a realtor yet. I wasn't expecting to have to move until we bought a house.

Anyway, what I'm afraid of is that if we have to move before finding a house, I have to apply for an apartment with a short-term lease. I'm almost certain that it will cause a hard inquiry on my credit report. How will that affect the mortgage application process?

I hate this place.

Re: How long should this all take?

smiths38 — Fri, 26 Jul 2013 04:57:18 GMT

I put in an offer on May 5th, and we closed on May 31st.

Re: How long should this all take?

Anonymous — Fri, 26 Jul 2013 12:21:06 GMT

There is technically no "minimum" amount of time it needs to take. Assuming you can find a house quickly that will pass inspection (if your loan program requires it) and appraise well, it can happen fairly quickly. Get a preapproval NOW and ask them to run it through preliminary UW so there aren't any surprises later. The rest will be based on a lender that can close you quickly, and negotiating a shorter than normal time to close with the seller. My advice would be looking to smaller local banks as their workload will probably be less than a Wells Fargo or Chase, and thus able to process your application much faster.

Re: How long should this all take?

Ravensfan2001 — Sat, 27 Jul 2013 01:59:06 GMT

@smiths38 wrote:
I put in an offer on May 5th, and we closed on May 31st.

Is the score in your siggy current? Congrats!

Re: How long should this all take?

smiths38 — Sat, 27 Jul 2013 05:00:39 GMT

No,my middle score was 674 with TU.

Re: How long should this all take?

miltown81 — Sat, 27 Jul 2013 16:11:13 GMT

@Ravensfan2001 wrote:
If I have a preapproval, how long does it take from the time the seller accepts an offer, to the time the keys are handed to me (on average)?

I'm in a bind right now. I have the worst landlord ever. She's blaming me for everything that's gone wrong here. Now she's forcing us to sign a lease or move out. I received the voicemail about an hour ago, but I already applied for a mortgage on Wednesday. I haven't turned in any paperwork yet. And I haven't gotten a realtor yet. I wasn't expecting to have to move until we bought a house.

Anyway, what I'm afraid of is that if we have to move before finding a house, I have to apply for an apartment with a short-term lease. I'm almost certain that it will cause a hard inquiry on my credit report. How will that affect the mortgage application process?

I hate this place.

I'm in the same boat now except that my landlord is great. I love my apartment, really the best I've ever lived in. My back is to the wall right now with a new lease or 60 day notice. My file is in the preliminary underwriting process right now and I'm axiously waiting for a "go-ahead" so I can put an offer on a house and get the process going. I hope to have an answer by Monday. I would say the same as others and tell you to go get the pre-approval now!