I'm not typically so impatient but I was sold on a 1-week mortgage preapproval turnaround promise and at this point I've been tapping my foot for going on 3, and with little response. by b.00gle2987544 from Encinitas, California. Jan 28th 2015
If I was provided enough information to get a decision, it usually takes me an hour or so to do a pre-approval. Let me know if I can help.Thank you
No more than an hour or so with all information provided.
If the lender has the needed documentation, typically it only takes a day or two to get pre-approved. I hope this helps and please call me if I can help you.
You may have the wrong broker or lender.
Unless you have very complicated income (tax returns) a preapproval shouldn't take more than 24 hours from any lender. Even with tax returns, a week to 10 days after receiving them should be enough to get an underwriter to review (normally would take me 2-3 days max).
PS. It also depends whether the lender was actually requesting a full " credit approval" where your income and assets are reviewed and approved so that you have a conditional loan approval primarily subject only to you finding a property and finalizing the loan details. That process can take longer and I normally recommend it for customers where the income is difficult to calculate or who want to move quickly to close when they do find a home. Having a full approval can make the application look stronger to a seller.
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