How fast after we submit the application should we expect to hear back from our bank?

If you submitted a complete application, the bank is required to at least disclose the loan terms and fees to you within 3 business days.

Every lender is different, but just because you don't hear from them, doesn't mean they are not working on your file.. however, the most competent lenders do communicate every few days through out the transaction. And as Richard stated, the lender is required to send you disclosures within 3 days.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Really depends on whether you asked for a pre-approval or a full approval; and, how complicated your situation is. A pre-approval should be done well within that amount of time, a full application will vary depending on the lender and 3 days is not very long in most cases.

Lenders are not as busy as they were earlier this summer. Refinances have slowed down a bit and we are not nearing the end of the summer break before school gets back in session If you are working with a big bank then those lenders could be a little slower than lenders that are in what is called the wholesale channel. For wholesale lenders typically it is 2 to 3 days once the loan has been submitted and disclosed to you by the lender that will be underwriting your file.