How long did it take to get a mortgage pre-approval. I'm talking about the one where you provide all of the documentation for them to look at(not when you call and give info but it is not verified). Anyway, how long did it take before you all heard from the mortgage company? The mortgage company that I sent the info to is not very good about calling back to let me know what is going on. I'm not sure if that is a good or bad sign. I keep thinking that maybe it was declined and they want to notify me by mail. Anyway, all of this is very stressful. I wish we could get an answer soon before we get too attached to the new home (new construction..they just started building it). I mean we keep going by there picking out things. I know all of us will be heartbroken if we lose this house. Anyway, I would appreciate it if you all would let me know how long you had to wait. Thanks!
When I applied over the phone with Wells, it was about two weeks before they faxed me my pre-approval letter. After deciding to go with a local lender, however, I did everything in person (filled out the app, presented pay stubs and w-2s, etc.) and they pre-approved me that same day (btw, your scores are much, much better than mine). Even with pre-approval, though, I was still a little disheartened to read the part about how "THIS IS NOT A CONTRACT NOR A COMMITMENT TO LEND" at the top of the good faith estimate. But I think it's a little different with new constructions: the underwriters need something that can actually be appraised, so until the house is complete, the loan processing can only go so far. At least that's what my loan processor told me after I bugged her for the third time in as many days wajaba
cf it is not a good sign when a mortgage company fails to repsond to your calls, even if just to say that there is nothing new to report. This company sounds lacksidaisical to me and I would be very careful. fla-tan
Thanks for all of the responses! Fla-tan and ohnostuck, I totally agree with you. The only reason I'm mixed up with them is because the builder uses them. They will pay all of closing (plus some other perks) if I use this mortgage company. It is like they don't care. I mean it would only take a second to let me know the status. I mean first of all, they never contacted me to let me know what the process would be. They never told me an estimate of how long it would take. I mean..I know they can't give me a definate answer because the property is not even built. However, it would be nice to know that they looked at all of the information that I supplied and told me that it looks very likely that we would be approved barring any major changes. I will give them til sometime next week. If I don't hear from them by then I guess we will have to give up on this property and start all over again. :-( My husband keeps telling me not to stress over this but I just feel so down because I really want this house. I mean they let us pick out everything. It will be hard if we lose this house. Anyway, I hope tomorrow is better....... Thanks again everyone!
If the builder is paying closing costs with this mortgage company then that amount is already built into the price of the house and you can request that they lower the house price by that much for an outside lender, or they can pay the same amount of closing costs to an outside lender that you have chosen. Unless there is a line standing outside waiting for the houses to be built, you can have control of the process. Afterall, it is your money that the builder wants. fla-tan
Thanks for the info fla-tan. No power here though. :-( There were only 9 or 10 lots left in the development the day that we put the contract in. And we could only afford 3 of them. I just have to believe that if it is meant to work out..it will. If it doesn't then we will just have to start over. Thanks again!
