The following is a recent example of a projected steps and time frame for a mortgage loan PreQualification and Pre-Approval with one of my Florida borrowers.
Turn Around Time for various aspects of the loan process for the loan program and one of our primary lender were: 1) Pull credit reports and submit completed application for pre approval. This step typically takes 24 hours or less, and general 'Conditions' are given as to what is needed to be 'Approved' for the requested loan. 2) Send paperwork to borrower for signatures and authorization, along with required paperwork for loan conditions (loan conditions will be presented once submitted for pre approval) and State and Federal guidelines and laws. 3) Upon receipt of paperwork from borrower (item 2), we will forward the package to the lender with documentation required us. This step typically takes 24 hours to complete including overnight delivery of the package to the lender. 4) Lender's 'Underwriting' time frame
is xx (number of days vary on market conditions) days based on verbal verification with the lender as of a specified date. 5) Lender will notify us of any 'Conditions' that must be met and/or paperwork required (e.g., title information, insurance information, etc.). This information is then submitted to lender (typically this information is delivered via email or fax). 6) Upon receipt of the items in (5), the lender will 'Clear Conditions'. Based on the conversation mentioned above, the lender is currently clearing 'Conditions' in xx hours. Then the loan may 'Close' the following day if scheduled. Take the
time to:
- find a
mortgage broker you trust
and feel comfortable with,
- get
pre-qualified, and then
- get
pre-approved!
Your life
will be less stressful and
you will love your home from
the start.
When you get a Florida mortgage through us, we want it
to be a great experience!
Contact us directly at (561) 228-8563 or (888) 431-6387,
ask us a question
or two. Or, click on our Live Chat to
message us now!
We look forward to hearing from you,
our most important client!
Page Updated: 07/31/2007 First Published: 2001 |
