Pre approval

[kaylord84]

I applied with a lender (guarantee rate) 9 days ago. I was approved through DU instantly was allowed to choose my rate and term. But I haven't received a pre-approval letter yet. I was asked that same day to submitted documents W-2, bank statements, paystubs,etc which I sent all a couple days later. Does getting a pre approval letter takes this long . My loan processor is out on travel. So that's why I came here to ask thanks

[Anonymous]

I got 3 pre approval letters when I first started this process two took 1 business day the last one that had the best options that I decided to go with took 3 days

[kaylord84]

Well I just got an update from the loan officer and he said he should have an answer for me by the end of today. 😩

[Girlzilla88]

Keep us posted it probably was a hold off since that person was away and nothing to do with you

[VALoanMaster]

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@kaylord84 wrote:
Well I just got an update from the loan officer and he said he should have an answer for me by the end of today. 😩

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Sounds like your file was submitted to underwriting for an actual approval.

[kaylord84]

Without a property?

[VALoanMaster]

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@kaylord84 wrote:
Without a property?

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yep, it's called a TBD (to be determined) underwrite or a credit, income & assets underwrite.

[Girlzilla88]

I did mine without a property first    

[kaylord84]

Ok well I hope so . But basically my file has just been sitting for 9 days because the loan officer was on vacation . So hopefully I will hear something today

[Anonymous]

every preapproval i got was a TBD ie property to be determined