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Pre-Approval?

So, we are working on getting things in place to buy our first home, and I have a question. My lender won't give me a straight answer on this, so I'm hoping that someone w/ experience in it will. My lender says that, after we pay off a couple debts (some car loans and a school loan), we will be able to get pre-approved for a loan. So, we are almost done paying off those debts (we will have it done in about a week). But I'm wondering how long it actually takes to get the pre-approval letter, to submit w/ an offer. My lender says "it depends", but I just want a ballpark estimate. Anyone know???

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Anonymous

Asked by Anonymous at 12:08 AM on Feb. 21, 2010 in Just for Fun

Answers (6)
  • depends on how long debt-holder takes to post paid in full usually 30 days, sounds like you are going through a broker verses a bank which is a lot more expensive, should call the bank who has your car loan for pre-approval of mortgage. good luck
    Anonymous

    Answer by Anonymous at 12:19 AM on Feb. 21, 2010

  • It depends on the lender. Usually within a day or two you can get the pre-approval letter, my lender is very good, he had ours made in about an hour. I just finished buying a house and I had a million questions. My Realtor and lender were both amazing and answered every question I threw their way.
    imamommmmyyy

    Answer by imamommmmyyy at 12:20 AM on Feb. 21, 2010

  • I would check around with other lenders. Yours sounds fishy. We got pre-approved within 24 hours, and we've bought 3 properties.

    Be advised that "preapproval" does not guarantee you'll get the loan. It simply means that based on the information preliminarily provided, you look like you'll qualify. The information they first look at is your debt to income ratio. They don't look too deeply into whether you've paid on time, or other things that affect your ability to get the loan.

    Once you've selected a home and you actually apply for the loan, then they delve deeper. I have heard of situations where someone got preapproved but were unable to get the actual loan.

    Anonymous

    Answer by Anonymous at 12:21 AM on Feb. 21, 2010

  • We got ours the same day.
    mnt_2_b_mommy

    Answer by mnt_2_b_mommy at 12:30 AM on Feb. 21, 2010

  • we had our loan papers go though a officer, she looked it over and okayed everything we needed was there. then it was sent up to loan dept and they sent us a letter. we had 30 days to close on our house
    r00j04j08

    Answer by r00j04j08 at 1:00 AM on Feb. 21, 2010

  • Pre-approval is the first step. It basically is  saying we think you will get the loan based on the information provided. Now when they really want to get down to business you get pre-qualified and that takes a little more time because they really check on everything. I don't remember how long it took us. But we were in new construction so things kind of all kind of came together gradually.

    Anonymous

    Answer by Anonymous at 3:58 AM on Feb. 21, 2010

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