How long does it take to get pre-approved for a mortgage?
- Thread starter Jeremy
- Start date
It takes about 4-6 weeks to get approved for a mortgage. To understand why it takes this long, you have to go back a few steps. First, lenders have to look at your credit score and history. Even if you're pre-approved with one lender, they may not be able to get you the best rate, so they'll usually try a few different lenders to see who has the best rates for the type of loan you need.
Then there's the process of actually getting your mortgage approved by the lender and then finally funding it by sending money from their bank account over to yours. Once that's done, it can take another week or two before your funds are available in your account.
It depends on a variety of factors, including the type of mortgage you're looking for, your credit score, and the size of your down payment. But generally speaking, you can expect to hear back within a few days if you've submitted a complete application with all the necessary documentation.
Keep in mind that pre-approval is not a guarantee of final approval. Your lender will still need to do a full evaluation of your financial situation before issuing a final loan commitment. So it's important to stay disciplined and avoid making any large purchases or taking on new debt while your loan is under review.
Keep in mind that pre-approval is not a guarantee of final approval. Your lender will still need to do a full evaluation of your financial situation before issuing a final loan commitment. So it's important to stay disciplined and avoid making any large purchases or taking on new debt while your loan is under review.