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Help with pre-approval process

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Frequent Contributor

Help with pre-approval process

I applied for a mortgage with NFCU on 4/30 very late in the night. I was told I would possibly hear something by end of next day which was Friday, but more than likely Monday 5/4. On 5/1 I heard from someone with Realtyplus I believe it's called or I may be thinking about DCU either way it was the real estate division. The woman gave all the info on the real estate side and wanted to arrange an appt for me to meet the agent in my area and start looking. I told her I didn't want to take that step until I received my pre-approval. So on 5/5 someone calls asking questions about which bank my down payment and/or closing costs were coming from practically prying. It's very simple for me to show a copy of my bank statement and to prove my money is obviously coming from my employment. After speaking with this woman she said she would submit my application to the UW.

 

So the woman from the realty dept contacts me on Thursday and I told her I had not received any answer yet so she reached out to them. I get a call on Friday from someone saying I contacted them about an updated status regarding my app yet she had no answer. I have absolutely not negatives on my cr 100% payment history and I make 120-150k yearly. I am self-employeed so it does vary. I don't understand what is taking them so long. Everyone else has been so nice and pleasant to speak with yet when the actual department in control of the decision contacts they have not been nice not even a pleasant voice. Am I over exaggerating or should I have receive an answer by now? This is my first time applying so I'm not sure if it typically takes this long or if I'm just being impatient. I was told I would receive an answer by end of business day on 5/4 so that's what I was expecting.

Message 1 of 9
8 REPLIES 8
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Senior Contributor

Re: Help with pre-approval process

That is absolutely too long to be waiting and stil not have a reasonable answer. Do you have a NFCU branch within driving distance from your house? If yes, I recommend that you visit a branch and ask to speak to the branch or mortgage manager. I am very surprised at the poor response. NFCU is supposed to be among the best with customer service. My son [an active US Marine] thinks that NFCU is awesome so I recently opened and account with it. Planning to try and finance a car with it soon.

 

Please update us with your journey. All the best.

Message 2 of 9
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Frequent Contributor

Re: Help with pre-approval process

The nearest branch is about 1.5 hours away. I did speak to someone a few minutes ago by calling customer service and there seems to be a loan officer assigned to me because she knew her name. I really want an answer, but also don't want to rush them if it can possibly take this long. I did ask the woman and she said it usually takes 24-48 hours for an answer, but it could take 5-10 days sometimes. I could see if I had a lot to go through on my credit report, but it's clean. I will call them tomorrow if I don't hear anything by tomorrow afternoon and hope they give me an answer by Friday so I don't go another weekend without knowing. 

Message 3 of 9
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Valued Contributor

Re: Help with pre-approval process

get the name and contact info of your LO and contact them.  do not feel bad for calling/emailing as that is their job to keep you abreast on the process.  

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Message 4 of 9
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Senior Contributor

Re: Help with pre-approval process


@rovergirl81 wrote:

The nearest branch is about 1.5 hours away. I did speak to someone a few minutes ago by calling customer service and there seems to be a loan officer assigned to me because she knew her name. I really want an answer, but also don't want to rush them if it can possibly take this long. I did ask the woman and she said it usually takes 24-48 hours for an answer, but it could take 5-10 days sometimes. I could see if I had a lot to go through on my credit report, but it's clean. I will call them tomorrow if I don't hear anything by tomorrow afternoon and hope they give me an answer by Friday so I don't go another weekend without knowing. 


I'm guessing that they are overwhelmed with new business as the housing maket picks up steam. Keep aking for answers but manage your expectations [aka keep them low!] to minimize your anxiety and stress. There is no perfect lender out there.

Message 5 of 9
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Valued Member

Re: Help with pre-approval process

NFCU is awesome and I've been with them almost 30 years. However, their mortgage services really need to work on communicating. I called their number over 2 weeks ago and got my basic prequalification. Was supposed to hear back from LO but never did. I've called twice, sent a couple of emails and still no communication. I've financed several cars and three mortgages through them over the years. Sadly, I moved on to another lender for my mortgage needs this time around. I'm guessing NFCU is a victim of their own success.

Message 6 of 9
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Frequent Contributor

Re: Help with pre-approval process

So the RealtyPlus woman got me an answer today. She followed up with me again this morning and she said she was going to let them know I need an answer TODAY. I am guessing she gets some sort of commission because she has been on top of this. I don't think I would have received an answer today if it wasn't for her. Anyway I was preapproved for 225k that's the amount I asked for so not sure if I would have been approved for more or not. The preapproval expires on 8/11/15 so this was actually approved on Monday. I have no clue why I wasn't informed on Monday. I applied for the Homebuyers Choice so there is no downpayment. 

 

I filed a tax extension this year so I think I will have to file my taxes within the next 90 days. 

Message 7 of 9
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Established Contributor

Re: Help with pre-approval process

I hope our process goes smoother than that, sorry everything has been dragging out and making you more anxious.  We did the pre-qual a while back but wanted to wait until we were closer to moving to do the pre-approval since that has a time-limit on it.

 

Oz

AU:
Current FICOs [03/08/2017]: EQ 708 | TU 738 | EXP 718 | Past FICOs: [06/2013]: EQ 573 | TU 585 | EXP 541 |
Message 8 of 9
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Frequent Contributor

Re: Help with pre-approval process

I am in New Jersey and I am sure the delay has everything to do with my location and I was told they take extra time to approve the Homebuyers Choice. They are probably just slow here and I am self employed which may have had something to do with the delay. Either way almost 2 weeks is pretty long considering I apped on 4/30.  Good luck to you Smiley Happy 

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