How Long Does Mortgage Approval Take After Pre-Approval?
How Long Does Mortgage Approval Take After Pre-Approval?
Pre-approval is a crucial step in the mortgage process, but it's not the final hurdle. After you've been pre-approved, you'll need to complete the mortgage application and submit all required documentation to the lender. Once the lender has reviewed your application and documentation, they will make a final decision on your loan.
So, how long does mortgage approval take after pre-approval?
The exact timeframe will vary depending on a number of factors, including the complexity of your loan application, the lender's processing time, and the time it takes you to gather and submit all required documentation. However, in general, you can expect the mortgage approval process to take 2 to 4 weeks.
| Step | Average Timeframe |
|---|---|
| Submit loan application | 1-2 weeks |
| Lender review | 1-2 weeks |
| Approval decision | 1-2 days |
| Closing | 1-2 weeks |
Here are some tips for speeding up the mortgage approval process:
- Get pre-approved before you start house hunting. This will give you a good idea of how much you can afford to borrow and will make the home buying process more efficient.
- Gather all required documentation upfront. This will help the lender review your application more quickly.
- Respond to lender requests promptly. The lender may need additional information or documentation to complete your application.
- Be patient. The mortgage approval process can take some time, but it's important to be patient and work with your lender to get the best possible loan.
Success Stories:
- John and Mary were pre-approved for a mortgage in 2 weeks. They submitted all required documentation upfront and responded to lender requests promptly. They closed on their new home in 4 weeks.
- Tom and Susan were pre-approved for a mortgage in 3 weeks. They had a few more complex financial issues to address, but they worked with their lender to resolve them. They closed on their new home in 6 weeks.
- Bob and Lisa were pre-approved for a mortgage in 1 week. They had a very simple financial situation and submitted all required documentation electronically. They closed on their new home in 3 weeks.
Common Mistakes to Avoid:
- Don't change jobs or make any major financial changes after you've been pre-approved. This could delay the mortgage approval process.
- Don't make any large purchases on credit. This could increase your debt-to-income ratio and make it more difficult to qualify for a mortgage.
- Don't miss any payments on your existing debts. This could damage your credit score and make it more difficult to qualify for a mortgage.
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