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Re: Mortgage application
It totally depends on the lender and the circumstances surrounding the application. (For example, one of my buyers had worked overseas for a few years and had only been back in the U.S. for about a year before buying. It took a couple of months for the lender to approve the loan because they needed documentation about exchange rates and other things related to the overseas work, which made it more complex).
The underwriters really have the final say. But how quickly a mortgage application gets to underwriting really depends on a lot of factors. I work a lot with U.S. Mortgage Corp. (Mortgage Concepts), and they are great because unlike a lot of lenders, they send their mortgages to underwriting first, and then process them. A lot of lenders will have their mortgage apps hung up in processing for awhile, and THEN send it to an underwriter, only to learn there is a problem. If it goes to underwriting first, you can address any issues that exist and not waste time.
The lender will also do an appraisal, so it takes at least a few days to schedule the appraisal and for the appraiser to submit a written report to the lender.
On average, I would say it takes 30-45 days from the time a buyer submits a loan application until the time the lender issues a mortgage commitment with the clear to close. U.S. Mortgage Corp. can close loans within a few weeks, but most lenders, in my experience, take a bit longer.
A preapproval, of course, is a different thing and can be obtained within 24 hours of a request, usually.
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