Posted on: 10th Oct, 2012 01:01 am
I need to know if there is any legal time frame to hear yes/no from lender after application was received. I hear that lenders are required to tell an applicant yes or no within 30 days of receiving their mortgage application, granted they have all the income/debt/appraisal info that they need. Is there any truth to that?
Hi Rodham,
I am not aware of any such particular time period. But as far as I can understand, the lender may not take even 30 days to say a yes or a no.
Thanks.
Jerry
I am not aware of any such particular time period. But as far as I can understand, the lender may not take even 30 days to say a yes or a no.
Thanks.
Jerry
Hi Rodham!
Welcome to forums!
I agree with Jerry that there is no particular time frame for this. The type of loan you are applying for will determine the length of time required to approve and close your loan. Different loan types require different documentation.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I agree with Jerry that there is no particular time frame for this. The type of loan you are applying for will determine the length of time required to approve and close your loan. Different loan types require different documentation.
Feel free to ask if you've further queries.
Sussane
Usually that does not take that much time. But, it some cases it might take. Anyways, after applying the loan, you need to follow up the case.