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It's been over 3 months now since we applied for a mortgage with Wells Fargo. Is this normal to wait this long??? We are constantly being told to wait and that things are taking longer than usual, etc. We have been asked several times to send more paperwork, which we always do.
I understand that times are hard now to get a mortgage, but the mortage we want is for a relatively small amount. The home we want to buy is 100K and we're gonna put down 20%, so the mortgage is only for 80K which seems relatively small in today's world.
Our credit is not the best in the world, but it's not the worst, either.
So why is it taking this long? Is it normal in these times to hafta wait so long??
Are you actually obtaining the mortgage thru WF or are you getting preapproval? We just got a preapproval thru them last week. We supplied everything up front and heard from them the same day with the approval amount(even more than we anticiapted). We are shopping around right now for a home. They even said that they would close on time according to any contract we submitted.
I am curious what you find out on the 3 month wait. Is Wells the only bank you tried to obtain the mortgage with? We shopped around four different places and found out within a couple of days for each.
BTW~ We aren't even putting down 20%, but our debt/ratio is excellent as is our credit report.
I would be calling the bank again and ask what is going on.
This isn't making sense to me. If you've selected a home and are going for a mortgage then there should be a contract to purchase a home. The contract to purchase should have time frames. Banks tend to work with in those time frames.
The bank and the underwriters can't approve a loan with out a house to base the loan on.
Do you have a contract to purchase a home?
If your asking for a pre-approval for a mortgage prior to making an offer that should have taken less than a week.
My husband said it's FHA and that because we had some late payments on our present mortgage at the end of last year, that's the reason it's taking so long -- so that they can wait 'till we've had a year of no late payments.
It still doesn't make sense to me, but he said there's nothing we can do about it other than wait.
I guess I answered my own question, but it still seems like a long time.
Anyway, if anyone has any more input, would love to hear your thoughts.
It's been over 3 months now since we applied for a mortgage with Wells Fargo. Is this normal to wait this long??? We are constantly being told to wait and that things are taking longer than usual, etc. We have been asked several times to send more paperwork, which we always do.
I understand that times are hard now to get a mortgage, but the mortage we want is for a relatively small amount. The home we want to buy is 100K and we're gonna put down 20%, so the mortgage is only for 80K which seems relatively small in today's world.
Our credit is not the best in the world, but it's not the worst, either.
So why is it taking this long? Is it normal in these times to hafta wait so long??
Thanks for your help.
No it is not normal and cases like yours usually means that the L.O. is having a hard time getting approval for you. Smaller loan amounts are not better it is usually harder to find a loan for someone under 100k than over 100k. Some lenders will not even make a loan that small. Good luck I hope you the best.
My husband said it's FHA and that because we had some late payments on our present mortgage at the end of last year, that's the reason it's taking so long -- so that they can wait 'till we've had a year of no late payments.
It still doesn't make sense to me, but he said there's nothing we can do about it other than wait.
I guess I answered my own question, but it still seems like a long time.
Anyway, if anyone has any more input, would love to hear your thoughts.
Thanks,
Well there you go. Absolutely that is the reason. The mortgage company (underwriter) wants to see 12 months of ON TIME Payments. It would be important to make sure you can handle it after your lates on your mortgage before. Regardless of the reason you were late.
This is a very difficult time for banks to be lending money and they have to make sure you are credit worthy.
so, basically you aren't waiting for an approval as much as you are meeting the underwriter guidelines. If you wanted an answer RIGHT NOW... the answer would NOT be what you want to hear. It would NO....
Thanks, everyone, for your help....it is very much appreciated.
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