Mortgage approval?

Deal Score0

We applied for a mortgage pre-qualification “a month ago, we provided all the documents they need, im guessing they have all the documents because they did not ask anything, but it seems like we’re almost at the end of the closure is something, as it is now in a rapid replay on the credit of my husband, he paid due to certain collections, and the client should not have out, we were told it takes 72 hours for results, nobody knows how long after we are the results of the issuing bank usually takes the final decision. We are so confused and lost.

8 Comments
  1. Reply
    2 Party Dictatorship
    May 1, 2011 at 4:38 am

    There is always one more thing with the Mortgage Company. The last refi I did I had experience, so it only took about a week.

  2. Reply
    Expert Realtor
    May 1, 2011 at 5:24 am

    That sounds normal. They are trying to get you the best deal possible.

    When you pay a collection, the creditor has 30 to 90 days to report that to the credit bureus. Not every creditor is required to post updates monthly…some do it quarterly.

    In order to prevent from waiting that long, a special request is put in to process it sooner, thereby, raising your score.

    Paid collections always raises your score vs unpaid collections.

  3. Reply
    65% water
    May 1, 2011 at 6:06 am

    This is a very stressful time for anyone, and your nervousness is completely understandable. No one here can tell you how long your approval will take, but your mortgage person should be able to tell you where you are in the process. This is your mortgage and you should stay on top of it. The more you take charge of it and stay informed, the less helpless you will feel.

  4. Reply
    Beverly S
    May 1, 2011 at 6:48 am

    My company gives you a pre-qual in 24 hours unless there are problems. End of month for a mortgage company the closings are a lot more crucial than the pre-quals I hate to say. They are probably really busy.

  5. Reply
    Vikings Fan
    May 1, 2011 at 7:09 am

    A “pre-qual” letter is at the beginning of loan process. It sounds like your waiting for loan “approval” which is after everything is submitted. The way things are now, it definitely sounds legitimate regarding the waiting time. Loan guidelines are much more strict.

  6. Reply
    saeed q
    May 1, 2011 at 7:49 am

    As an FYI… per the Federal Trade Commission (FTC) http://www.ftc.gov/freereports , there is only one source for you to get a free credit report from all three credit repositories, “annualcreditreport.com”. https://www.annualcreditreport.com/cra/index.jsp

    Do not give anyone else your personal info without seeing them in person.

    Make sure to price out your loan with your LOCAL banks and mortgage brokers only.
    A lot people giving advice on here are also looking to give you a loan (it’s not advice, its advertising), if they are not local to you and you can’t get to them within 1 hour don’t fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL; DON’T GET RIPPED-OFF BY SOMEONE IN WHO KNOWS WHERE WHICH YOU WOULD HAVE NO DIRECT ACCESS TO.

    Remember Buddha’s advice:
    “Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense.” You are the only “expert” you can trust: All brokers, and every other loan officer guru giving advice here with a .com or contact me at the end is “selling” you something (it’s not advice, its advertising). Don’t buy “it.”

    When shopping for a mortgage, here are a few things to do to maximize your savings and time:
    1. When asking for a Good Faith Estimate(GFE), tell each mortgage originator (lender) what interest rate to use so you can compare apples to apples (rate affects closing costs). This is probably a different thought process for you because you always shop interest rates on a mortgage right? Remember all mortgage originators have identical wholesale interest rates. If you shop the same interest rate among mortgage originators, it levels the playing field and discloses what they want to charge you for their time to originate and close your mortgage. It is similar to shopping for a car. Why does the exact same new car vary in cost from one dealership to the next? Some dealers want to make more profit than others.
    2. Secure Good Faith Estimates from various mortgage originators within a 4 hour time frame (rate and pricing can change daily and even multiple times in one day).
    3. Do not compare the prepaids, reserves, escrow, title charges, and government recording sections of the estimates; third part fees are not controlled by the mortgage originator.
    4. Ask each mortgage originator to base the interest rate on a 30 day lock unless you need longer.
    5. If the loan allows you to waive escrow (paying taxes & insurance yourself), let the mortgage originators know because this will affect closing costs.
    6. If refinancing, let the mortgage originators know if you are pulling cash out. A cash-out refinance usually increases closing costs.
    Your Biggest Challenge
    The mortgage industry today has never been more unethical. The industry has produced several record-breaking years in a row regarding total origination and as a result, greed is driving the industry. Your biggest challenge is receiving a Good Faith Estimate that is provided to you in “Good Faith”! We spend more time showing consumers how mortgage originators are lying to them in regards to an estimate given! That’s right, lying! “Bait and switch” has become a prominent sales tool in the mortgage industry. Bait you in with a bogus estimate then switch things after you are hooked. This is so discouraging; banks and so called direct lenders have become some of the worst at this practice. Education is your biggest weapon against this practice. Take the time to fully understand closing costs and rates before proceeding.
    You should know exactly how much the mortgage originator is getting paid by all sources (no matter where it comes from, it’s ultimately coming out of your pocket). Protect yourself by asking for and receiving prior to application and origination a written guarantee stating the TOTAL amount of compensation (YSP, rebates, commissions, kickbacks) that will be received and kept by the mortgage originator. This will help assure that your best interest is kept in mind.
    Originating a mortgage is a service, not a product; compensation should not be based on the loan amount or interest rate.
    All ethical, honest, upfront, transparent mortgage originators will be more than willing to provide you with a written total compensation guarantee in addition to the (GFE) Good Faith Estimate (focus on the word “Estimate” because that is exactly what it is, an estimate of charges) prior to originating your loan.

  7. Reply
    godged
    May 1, 2011 at 7:54 am

    Ugh, I feel your pain, this can be such a frustrating process.

    If your loan is subject to a government program (FHA, VA, etc), underwriting can take a few days. However, once you are through underwriting, get ready to close!

    I’m sorry you have to go through this, but believe me, you are not alone. Unfortunately.

    It shouldn’t be long now before its YOURS! Congrats!

  8. Reply
    Dawni Do Right
    May 1, 2011 at 8:14 am

    Loan guidelines change daily anymore. What was acceptable last week needs to be documented today.

    Ask if your file will be reviewed again “prior to funding” or you may have to go one more round… Some lenders require it & others do not.

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