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JennyPenny
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Member since 1/08 12702 total posts
Name:
Jen
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When you made an offer on your house
Did you already have a pre-approval for a mortgage? DH and I just went to the bank to apply for pre-approval this past Saturday. We had gotten pre-qualified awhile back, but no pre-approval yet. We were told it take about 45 days. I am afraid we are going to miss out on the house we want if we wait for it, but it we don't get approved we'll be screwed (We both have excellent credit and very little debt, so I can't see WHY we'd be denied, but you never know). Should we make an offer now? Or cross our fingers & hope for the best?
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Posted 11/3/10 10:44 AM  |
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Prudential Douglas Elliman Real Estate
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: When you made an offer on your house
45 days for a pre-approval?
that is not correct
it should take a day or 2 for a pre-approval
and 45 days to get the mortgage
ETA- what bank is this?
are you just mixing up the terms?
Pre-Qual- a quick estimation of what you can afford based on verbal income or credit score
Pre-Approval- uses pay stubs, credit report and tax return (needed to put in offers today- I have never had a client have an issue getting one same day)
Mortgage commitment- after you are in contract- and after full mortgage application is taken- 30 to 45 days
Clear to Close- after the comittiment and all "stips" have been taken care of
Message edited 11/3/2010 10:53:49 AM.
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| Posted 11/3/10 10:47 AM |
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Megs4
LIF Adult
Member since 11/08 1619 total posts
Name:
Megan
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Re: When you made an offer on your house
We were pre-approved when we made the offer, but our pre-approval only took a few days and we did it before we even began looking at houses.
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| Posted 11/3/10 10:50 AM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: When you made an offer on your house
Go to another bank.
We had a pre-approval letter already but wound up using a different lender so it took a little longer anyhow. I would go to a different bank because they will probably ask for a copy of your pre-approval letter...
ETA - we had a pre-qualification letter not a pre-approval letter. Another reason we didn't use the guy he told me they were both the same thing.
Message edited 11/3/2010 11:18:44 AM.
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| Posted 11/3/10 11:17 AM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: When you made an offer on your house
yes you should get one. we rec'd an offer on our coop, buyers did not have pre qual, and were unable to get mortgage. we were pizzed and they were upset. total waste of time, make sure you can get your mort before you even look
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| Posted 11/3/10 11:21 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: When you made an offer on your house
We were preapproved same day, and it took about 45 days to get the mortgage finalized.
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| Posted 11/3/10 11:22 AM |
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KellyM
LIF Infant
Member since 6/10 63 total posts
Name:
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Re: When you made an offer on your house
we were pre-qualified when we were house hunting. when we put our offer in we were pre-approved.
some banks were quoting us up to 2 weeks to pre-appove us but that was last year
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| Posted 11/3/10 11:40 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: When you made an offer on your house
Posted by KellyM
we were pre-qualified when we were house hunting. when we put our offer in we were pre-approved.
some banks were quoting us up to 2 weeks to pre-appove us but that was last year
to me this is a warning sign
if they can't turn it around in 2 to 3 days- I would not want them working on my mortgage
many banks are unstaffed these days
that's why I prefer to use a direct lender- like Continental Home loans
they have in house underwriting and do my FHA loans then all the major banks in NY combined
ask your bank where the underwriter is - most likely half way across the country
at CHL- they are upstairs
so if there is an issue it can be resolved right away- this makes a HUGE difference
Message edited 11/3/2010 11:44:54 AM.
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| Posted 11/3/10 11:44 AM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: When you made an offer on your house
Like Beth said, you should be pre-approved within 2 days or so, if not, look elsewhere.
Whatever bank you get pre-approved with, you don't have to use to get a mortgage with either.
We had a letter sent to us same day that we called in, sent by email saying we were pre-approved.
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| Posted 11/3/10 3:02 PM |
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IrishLasss334
I'll be there soon!
Member since 1/08 6549 total posts
Name:
Patty
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Re: When you made an offer on your house
Yes, we had a pre-approval, but I think it only took a few days.
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| Posted 11/3/10 3:07 PM |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: When you made an offer on your house
Pre-approval should take 1 day, maybe 2.
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| Posted 11/3/10 8:33 PM |
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