How long is the loan process when buying a house?

shell_1004: How long is the loan process when buying a house?
I found a house, got a loan approved, made an offer, got the inspection done and the loan company had the apprisal done. Now however my mortgage loan officer said my info was with the underwriters and would let me know of the final approval. Could my loan still be denied?

Answers and Views:

Answer by Jason K
depends on the bank, as well as your personal circumstance. It could take a month…

Answer by saeed q
approximately 2 weeks or so.
your loan can always be denied up until after the lender funds. recently lenders that have been folding left and right and informing borrowers that they will not be able to complete the transaction even when they are sitting at the signing table. Crazy times right now in the credit markets. Just continue following up with your loan officer or talk to him or her about informing you on a set schedule, like on every 4th day.

i hope that you are working with someone that is local to you and you have direct access to the loan officer or company, where you can walk in and get answers if need be. Most these Internet or over the phone things are………well you know what i’ m talking about.

GOOD LUCK!

Answer by sharpshooter
Huuummm, sounds like you are in the same spot as I am right now. I got a loan approval, found the house made the offer, they accepted it. Yesterday the home inspector came out, Im waiting on the appraisal to be done. The loan officer said we are scheduled to close on the 8th of Feb…. The whole process has taken less than 4 weeks…. A good rule of thumb when buying a house is to never assume anything and dont sell, start moving or anything till you have SIGNED all closing paperwork…..Do you mind me asking what mortgage company you are using and what your finance rate is ????

Answer by Ryan M
Usually it is around a month maybe a little less depending on how busy the market is.
Essentially the only thing that could keep you from getting the loan is having the house appraise for less than the selling price. Otherwise you already got approved for the loan in the amount you made the offer for, so that should be an issue. Unless you ran up some debt that through your debt to income ratio out of whack. You should be O.K. Usually it takes a few weeks to get the loan written up and things finalized. Plus when did you specify to close, if you chose to close at the begining of February then that is probably why they aren’t done yet.
I just locked in my refinance, (which will take less time) I think we’ll get that closed in 3 weeks. 15yr @ 4.625% Good credit is always a help.

Answer by Jen
I don’t think your loan will be denied after the initial approval. We got our whole process done within 3 weeks. Filed, everything. Just be prepared for the payment to go up from the original one that you were quoted and watch your closing costs!!!

Answer by K
It took us about a week.