Posted on: 17th Feb, 2009 02:21 pm
I went to BofA a 35 days ago and applied for a 2nd mortage. They told me that they were runnig behind, but they would have it processed within 7 days. They still have not assigned an underwriter to my loan and the house I wanted has been sold. I don't want to lower my credit score by starting over with another bank, but BofA says they still won't know anything for at least another 10 days. I can't wait over 45 days to possibly be told "no". Do the banks have a time limit to process these applications?
Hi bsupiot,
As far as I know, lenders take around 45-60 days in order to process a mortgage application. But the time period may vary from lender to lender as well. I think you should wait for few more days and see if they process your mortgage application or not.
Thanks
As far as I know, lenders take around 45-60 days in order to process a mortgage application. But the time period may vary from lender to lender as well. I think you should wait for few more days and see if they process your mortgage application or not.
Thanks
The banks are backed up right now so I am not surprised.
