How long for pre-approval?

We're going to hand in the paper work on Saturday. I was curious because we're going to see a house I'm very interested in tomorrow.

TIA

ETS: We went to Teachers FCU, the bank we plan on using, this weekend. They only do pre-approvals. The process takes about 5-7 business days. Along with the application, you must submit the last 2 years of W2s and you last pay stub.

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Posted by DjPiLL

A pre-approval can take a few days. Sometimes it takes a week.

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really? it took us only a matter of a few hours...i think...DH took care of it...

A real and full pre-approval will require you to hand in all your tax paperwork, paystubs, bank statements, pretty much everything to show you can actually afford this loan. You are basically going through all the steps you would normally go through as if you actually had the house picked out.

If they just do a credit check... thats pre-QUALIFYING and thats not as strong as being pre-approved. Basically anybody can get pre-qualified.... so it really doesn't mean much.

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Posted by DjPiLL

A real and full pre-approval will require you to hand in all your tax paperwork, paystubs, bank statements, pretty much everything to show you can actually afford this loan. You are basically going through all the steps you would normally go through as if you actually had the house picked out.

If they just do a credit check... thats pre-QUALIFYING and thats not as strong as being pre-approved. Basically anybody can get pre-qualified.... so it really doesn't mean much.

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ahhhhhhhh, i thought she was referencing the pre-qualifying we have been told by our realtor that 21 days to secure a mortgage is standard as part of an offer? the pre-approval then is during that 21 days? or do people go through this prior to making the offer? confused...

Linky


This link should explain it all. If they don't ask for income verification or bank statements in your pre-approval... then its not a true preapproval.

I am sure there are some banks out there that can do this quickly... but they need all the documentation to do it in order for it to be a real preapproval.

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Posted by DjPiLL

Linky


This link should explain it all. If they don't ask for income verification or bank statements in your pre-approval... then its not a true preapproval.

I am sure there are some banks out there that can do this quickly... but they need all the documentation to do it in order for it to be a real preapproval.

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interesting...

we haven't had problems with what we have so far, but i don't know the details of what DH did...

we had no problems w/ the pre-approval and it only took about an hour to process. he did pull up our credit reports, but everything else was completed verbally over the phone. we went w/ our bank, so maybe that made a difference.

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Posted by skew

we had no problems w/ the pre-approval and it only took about an hour to process. he did pull up our credit reports, but everything else was completed verbally over the phone. we went w/ our bank, so maybe that made a difference.

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Same here. I think it depends on your credit scores...the higher you score, the less you need to prove. We actually went to 2 different banks (the 2nd being our bank) and were given the same answers.

Ours took 3 weeks with one bank, 2 weeks with another. We both have credit scores over 720. We had to show tons of paperwork (tax returns, bank statements, pay stubs).

But it may have taken us longer b/c we applied for an 80/20.