How long does it take to get a mortgage? The time required to obtain a mortgage is based on a variety of factors. These include pre-qualification, pre-approval, and a firm commitment by a bank or mortgage lender.
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Thus, with all the documentation in place it may only take a few hours, but typically you can expect an answer in 24 to 48 hours. Naturally, this depends on who you are working with for the pre-approval. certified mortgage professionals know the procedure well and are there for you. Many of the major banks who are just out for a profit.
It means the lender has checked the potential buyer’s credit and verified the documentation to approve a specific loan amount (the approval usually lasts for a particular period, such as 60 to 90.
What is a pre approval, and how long does a mortgage pre-approval take anyway? A mortgage pre-approval is nothing more than a letter from your lender representing you as a great candidate for a home mortgage loan.
Essentially, this step can take as long as you need it to, bearing in mind that your pre-approval will be valid for up to 3-6 months. Be prepared. Have a read of ‘ How To Value A Property ‘ and our ‘ Property Inspection Checklist ‘ for some golden tips.
Once you provide all the required documentation and get the mortgage pre-approval letter from a bank or lender, it is typically valid for 60-90 days. Just note that a lot of things can change during that time, such as your credit score, so it’s not 100% guaranteed. Again, a pre-approval is not a guarantee that you will be approved for a mortgage.
Louisville Real Estate Pros are collecting all the info a first time home buyer in Louisville KY needs when buying home. This video talks about the getting preapproved for a mortgage.
Further along in the mortgage process, we’ll ask you for documentation to verify this information. Although the preapproval letter lets you know how much you can borrow, it is not a commitment to lend. This letter is good for about 90 days.. do not imply government endorsement.
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