Posted on: 08th Jun, 2011 11:51 pm
I have been qualified for a mortgage and have applied for it around 20 days back. But I haven't heard anything from the mortgage lender since then. Is it usual for a mortgage lender to take so much time to process the mortgage application? How long will it actually take to process my mortgage loan application?
Hi Andy,
As far as I know, it takes about 45 to 60 days in order to process the mortgage loan application. However, in some cases, it can get completed in 30 days or stretch for as long as 90 days. The completion of the mortgage loan application will depend on how quickly the lender can get the property appraisal done, check your credit report and bank accounts and verify your employment.
Thanks,
Jerry
As far as I know, it takes about 45 to 60 days in order to process the mortgage loan application. However, in some cases, it can get completed in 30 days or stretch for as long as 90 days. The completion of the mortgage loan application will depend on how quickly the lender can get the property appraisal done, check your credit report and bank accounts and verify your employment.
Thanks,
Jerry
Hi Andy,
If you have not heard from your lender in 20 days, there is something wrong. Your loan officer should be in contact with you atleast every couple days. Even if there is no developments, he should contact you so you dont get cold feet and walk, or get swooped up by another loan officer who can deliver your loan. Larger banks take longer to originate loans than a direct lender. All the loan products are the same and get sold to the same place. Choosing a lender should depend on the cost to you, the interest rate you receive and the level of service you get.
If you have not heard from your lender in 20 days, there is something wrong. Your loan officer should be in contact with you atleast every couple days. Even if there is no developments, he should contact you so you dont get cold feet and walk, or get swooped up by another loan officer who can deliver your loan. Larger banks take longer to originate loans than a direct lender. All the loan products are the same and get sold to the same place. Choosing a lender should depend on the cost to you, the interest rate you receive and the level of service you get.
What stage are you in the process? Did you already complete an application or did you just have them pull your credit to get prequalified?
In any case, you should immediately send an email or make a phone call to whoever your contact is at the mortgage company.
If you completed a loan application and were notified you had been pre-approved, then an appraisal should have been ordered. If this hasn't happened yet then something is definitely wrong.
In any case, you should immediately send an email or make a phone call to whoever your contact is at the mortgage company.
If you completed a loan application and were notified you had been pre-approved, then an appraisal should have been ordered. If this hasn't happened yet then something is definitely wrong.