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Old 05-08-2015, 10:34 AM
 
4,542 posts, read 11,542,319 times
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Quote:
Originally Posted by Sweet Like Sugar View Post
As of today, I still haven't received the preapproval letter and I did follow up.
And you are still sticking with this lender.
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Old 05-08-2015, 11:23 AM
 
Location: Sugarland
13,230 posts, read 11,754,597 times
Reputation: 15253
Quote:
Originally Posted by TimtheGuy View Post
And you are still sticking with this lender.
Today I received a loan commitment letter that said that I was approved for the loan when all I wanted was a preapproval letter. Maybe this bank only does prequalification letters and loan commitment letters, but I think I'm good now!
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Old 05-08-2015, 12:48 PM
 
Location: holiday
77 posts, read 78,887 times
Reputation: 67
Quote:
Originally Posted by Sweet Like Sugar View Post
Today I received a loan commitment letter that said that I was approved for the loan when all I wanted was a preapproval letter. Maybe this bank only does prequalification letters and loan commitment letters, but I think I'm good now!
Go figure you didn't even want that, and all I want is my full loan approval when it's been over 30 days for application and we close in a week. Argh.
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Old 05-08-2015, 02:45 PM
 
Location: Sugarland
13,230 posts, read 11,754,597 times
Reputation: 15253
Quote:
Originally Posted by farewellohio View Post
Go figure you didn't even want that, and all I want is my full loan approval when it's been over 30 days for application and we close in a week. Argh.
Crazy, isn't it? Good luck!
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Old 05-09-2015, 06:12 AM
 
10,265 posts, read 6,491,094 times
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Glad it worked out for you.
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Old 05-09-2015, 09:37 AM
 
Location: Sugarland
13,230 posts, read 11,754,597 times
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Quote:
Originally Posted by so954 View Post
Glad it worked out for you.
Thanks! Now I just have to find the right house, make an offer, get it accepted, and complete the closing process!
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Old 05-09-2015, 10:10 AM
 
Location: Ozark Mountains Arkansas
1,790 posts, read 1,102,445 times
Reputation: 3565
I have heard that it takes much longer for banks to get the pre-approvals rather than using mortgage companies and brokers. So why would anyone use a bank?
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Old 05-09-2015, 10:17 AM
 
Location: Sugarland
13,230 posts, read 11,754,597 times
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Quote:
Originally Posted by Hollynla View Post
I have heard that it takes much longer for banks to get the pre-approvals rather than using mortgage companies and brokers. So why would anyone use a bank?
Because I've never heard what you heard, and I received a preapproval quickly from the first bank I contacted.
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Old 05-09-2015, 10:20 AM
 
Location: Central Texas
19,879 posts, read 36,379,125 times
Reputation: 21298
Quote:
Originally Posted by sarahyale96 View Post
It definitely shouldn't take that long. In fact many lenders can offer preapproval instantly, if you just meet a few requirements. I would look for a different lender if you're not getting the turn around you want. Here's a whole bunch of info on preapprovals: https://www.guardianmortgageonline.c...ation-analysis.

You need it (and a qualification letter) fairly quickly, so you can determine how much house you can afford.
You can get a pre-qualification instantly. That's the one that is basically "we're going on what we were told verbally and maybe a quick peek at the credit history" and it's not a pre-approval, as is explained in the link that you provided if you click on "What is a pre-approval?".
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Old 05-11-2015, 07:23 AM
 
Location: MA
1,172 posts, read 540,465 times
Reputation: 657
Generally, a pre-approval can be a few days. I sent my bank our W-2, most recent paystubs, even our retirement account statement. They already have access to my checking. And I got a pre-approval in 3 days. Now I'm a go-getter so I told the bank (yes it's a big bank so you have to be on their tail at every step) that I wanted this to be done quickly.

So once I got a signed P&S, I asked them about the application and filled it the same day and faxed everythign to them the same day. Mind you I have about 45 days to close but still i'm on their case so they don't slip. I also know that they have other people to take care of that might be closing before me. But the bigger tha bank, the slower they go. If i knew better, I would have gone with a much smaller bank with better customer service. I'm an anxious person by nature, but sometimes when I have serious questions, I can't wait 24 hours. But i try to be mindful that the are also busy.

Next refi, I'm going with a much smaller lender.
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