Preapproved loan

posted 3 years ago in Home
Post # 2
Member
13003 posts
Honey Beekeeper
  • Wedding: June 2011

It shouldn’t be that hard to just get a preapproval.  When I spoke to my mortgage broker, I just told him what he needed to know on the phone and he got back to me by the end of the day.  I dont recall having to have paperwork for a preapproval. 

Post # 3
Member
221 posts
Helper bee
  • Wedding: April 2014

I dealt directly with my bank, so I just went in with my husband and we were preapproved within the hour. We did fill out paperwork and received a document from the bank that guaranteed the preapproval amount and rate for 90 days. This guarantee was contigent on all our official documentation agreeing with the info we initially gave our bank.

 

If you’re working with a mortgage broker, I could see it taking a day to shop around and find the best interest rate/loan amount from competing companies. It shouldn’t take a year, but if they just haven’t bothered to run the preapproval, then a few days turnaround is not bad.

Post # 5
Member
8418 posts
Bumble Beekeeper
  • Wedding: April 2013

My husband and I got pre-approved over the phone, but each bank could be different.

Post # 6
Member
10384 posts
Sugar Beekeeper
  • Wedding: September 2010

We did everything online and got answers back within 24 hours. The process differs by bank – we wanted a more online experience so we didn’t have to hassle with physicaly going into a bank. Make sure you are getting a preapproval and not a prequalification – those are two different things (at least in the US, not sure where you are located).

Post # 7
Member
378 posts
Helper bee
  • Wedding: June 2012

The bank would DEF need your SSN. It makes sense they haven’t done it yet since its typically good for 90 days.  It just depends on the company and procedure if you have to go in.  It shouldn’t take long though..

Post # 10
Member
11712 posts
Sugar Beekeeper
  • Wedding: November 1999

Our preapproval included copies of taxes (2 years), paystubs (2 months each), bank statements (60 days), and employment verification.  It was not a simple process where you just have your SSN.  A reputable bank is going to do a solid preapproval process so they ae confident they will get through the mortage process without any hiccups.  Preapprovals are generally good for 30-60 days tops.

Post # 8
Member
5697 posts
Bee Keeper
  • Wedding: August 2012

So you haven’t been pre approved already or you have? If your pre approval is a year old, then it makes sense that you need to do a new one, I believe they only last 30 days. But if you have a recent pre approval and they want you to go again to get pre approved, I don’t see the point in that. If you’ve made an offer and been accepted then it shoud be a matter of filing permanent paper work at this point.

Post # 9
Member
559 posts
Busy bee
  • Wedding: October 2013

some places did it same day, others took several days. Depends on how thorough they are. I prefer the more thorough one so you have fewer doubts about whether you will be able to close.

Post # 11
Member
133 posts
Blushing bee
  • Wedding: July 2012

We were pre-approved wtihin a couple of hours. We gave all information over the phone. Since we were working with a mortgage broker they had to do some work on their end to see what bank we would be going through. Otherwise I would expect the answer could be even faster.

Post # 12
Member
221 posts
Helper bee
  • Wedding: April 2014

soccergal7898:  Ah I see. Well few days turn around still isn’t bad if they just got all of your info. They can’t really do anything with partial info, other than keep it in your file, so that year didn’t really count as processing time.

Post # 13
Member
1055 posts
Bumble bee
  • Wedding: September 2013

Shameless plug, but my husband works at Quicken Loans and they are amazing.  They pre approve same day over the phone. They are responsive (literally get fired if they don’t respond to Clients in 24 hours) and have a very simple online and over the phone process.  

Post # 15
Member
5697 posts
Bee Keeper
  • Wedding: August 2012

soccergal7898:  Oh, if you’ve never actually GOTTEN a pre approval then yes you need to, and they can’t do that without access to your credit report etc… They should be able to do that via phone and email though.

Leave a comment


Sent weekly. You may unsubscribe at any time.

Find Amazing Vendors