topic Re: How long does preapproval take? in Mortgage Loans

How long does preapproval take?

Anonymous — Tue, 13 May 2008 23:21:17 GMT

I am meeting with three lenders next week (two credit unions and one bank). I was wondering how long it usually takes to find out how much I will be preapproved for. I don't want to start seeing houses until I know the top of my price range.

Re: How long does preapproval take?

DallasLoanGuy — Wed, 14 May 2008 01:36:15 GMT

Depends. It could take minutes, or longer.

Typically, when someone calls me for preapproval I can get them prequalified in just a few minutes. As soon as they send in income/asset docs for review, they are preapproved.

Re: How long does preapproval take?

Anonymous — Wed, 14 May 2008 02:39:05 GMT

I'm bringing pay stubs, bank statements, and W2s with me. I'll be glad if it moves that quickly, I'm starting to get excited looking at listings.

Re: How long does preapproval take?

Anonymous — Wed, 14 May 2008 13:26:32 GMT

Hobbes wrote:
I'm bringing pay stubs, bank statements, and W2s with me. I'll be glad if it moves that quickly, I'm starting to get excited looking at listings.

I just went through preapproval and needed the items you mentioned plus any other asset statements (like 401K/pension statements, any other retirement plan, etc). Even though I am NOT using that money to buy the house, it does factor into my net worth and they all wanted to see it.

My preapproval took minutes ... they plugged the #s in while I was sitting there and had good faith estimates in hand as I left. Each appointment took 2 hours.

Good luck!

Re: How long does preapproval take?

Anonymous — Wed, 14 May 2008 23:57:26 GMT

Thanks, that is the answer I was hoping for. We set aside 1 hour for each appointment, but they are spaced out enough that we'll be fine if they go 2 hours.