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Old 06-08-2011, 07:19 AM
 
Location: DE
145 posts, read 285,315 times
Reputation: 76

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The title says it all. How long should it take for me to get a mortgage preapproval letter? I contacted two lenders but have yet to get anything in writing even though our credit scores are excellent. I have been waiting over a week from one and two days from another. We are in a rush over here!
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Old 06-08-2011, 08:43 AM
 
Location: Kansas City North
4,738 posts, read 8,112,020 times
Reputation: 7824
I applied on line and got approval letter back (contingent on verification of income, appraisal, etc.) in about ten minutes.
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Old 06-08-2011, 11:11 AM
 
Location: Lakewood Ranch, FL
5,634 posts, read 8,900,028 times
Reputation: 6833
Right, it should be a pretty fast process once you've given the lender all the info they need. Be sure they have everything they requested (they may be holding while waiting for something) and call them to say you need it now.
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Old 06-08-2011, 11:18 AM
 
Location: El Dorado Hills, CA
3,721 posts, read 8,767,357 times
Reputation: 3880
Find a different mortgage broker. The ones you asked are too slow. Imagine what will happen if you use them to get the loan.

My clients typically get a pre approval the same day they talk to a broker.
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Old 06-09-2011, 08:43 AM
 
Location: Wake Forest, NC
835 posts, read 3,722,098 times
Reputation: 648
1-2 hours, especially if you communicated that you needed it quickly.
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Old 06-09-2011, 10:15 AM
 
Location: Plano, Texas
1,675 posts, read 6,598,460 times
Reputation: 693
Never contact a direct bank for a mortgage. It is a nightmare process. Getting a preapproval letter should take an hour or so.

Here is an article regarding the nightmare of working with a big bank...http://finance.yahoo.com/news/The-Water-Boarding-Refinance-etfguide-3267025703.html?x=0&.v=1
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Old 06-09-2011, 10:16 AM
 
Location: Texas
44,266 posts, read 55,729,378 times
Reputation: 73376
Quote:
Originally Posted by whereshome View Post
The title says it all. How long should it take for me to get a mortgage preapproval letter? I contacted two lenders but have yet to get anything in writing even though our credit scores are excellent. I have been waiting over a week from one and two days from another. We are in a rush over here!
As long as it takes for them to type it.

We got ours within 5 or 10 minutes of asking for it.
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