depends on a number of things
if they reckon you can pay the money back
how much you want to borrow
what assurances they have you can pay them pack
just things like that

Are you talking about the whole finance process or to just get pre-approved….pre-approval shouldnt take more then a few hours…the whole finance process can take anywhere from 21 days and up

Hi My mother and father just bought a house it all depends on the type of load you applyed for if it is FHA, USDA Rural Housing, or any of the new government loans you will find out if you are approved soon. Don’t worry everything will be allright we know just so how you feel the longest thing we waited for was closing thats the approximate part. Once you know just reckon you’ve got all that packing to keep you busy. Hope this helps may god bless and everything work out.

It depends, honestly, on what paperwork is really completed and what you mean by a “choice.” I don’t mean to sound like a politician here, but there are mutliple definitions at work in the lending business.

If you completed just the loan application and Borrowers Authorization (to pull your credit), then the broker should be able to tell you within minutes if you’re pre-approved, but this doesn’t constitute a loan approval and does not go to an underwriter for assess. This would be a pre-application and pre-qualifying.

If you have a home under contract and have completed all the disclosures, then the broker has the option to send it to underwriting for credit approval or to hold your paperwork in anticipation of the remainder of the documents are in. If it wasn’t submitted to underwriting, then you’re not waiting for a choice, per se, but you’re waiting for the rest of the documents. If it was submitted to the underwriting team, it would probably take 3-4 days. This would be an application and credit approval.

If the broker is holding it in anticipation of the additional paperwork is in, it force take a week to get the paperwork and another 24-48 hours for underwriter assess. (In addition to your paperwork, the finance broker has to verify your employment and bank balances, order title work, assessment, appraisal, and, depending on the loan type, do other work himself/herself.) This is closing application and closing approval.

But wait — there’s more! Nearly every file is “approved with conditons,” meaning the underwriter has questions about something that was submitted and will not really offer closing approval in anticipation of those conditions are met. It can be anything from whether or not the appraisal is accurate to where a large deposit showing on your bank statement came from. Once the conditiosn submitted, THEN you can get closing approval. (Of course, the underwriter force have more questions — that does happen.)

So, to summarize: If the file is first submitted for credit approval and then additional documents are extra, it’s usually 24-48 hours after the last document; if the entire file is submitted at once, it *should* be just 3 days, but 5 days isn’t unreasonable. It all depends on the underwriting team’s workload. But, as you can see from above, your signing your share of documents doesn’t mean the file was ready for underwriting.

But, honestly? I’ve had files take two weeks to turn around from the date of last document submission. This past January, when rates were down to 4.5 percent, everyone’s underwriter’s were buried with refinances, and it took that long.

I’m sure that was confusing, but I hope helpful as well. There is no simple answer because additional information is needed to fully answer your inquiry. I’m lucky to respond via email, if you want to clarify.