How long does it take to get a new mortgage?

Depends on the kind of loan, but I usually close a loan in 2 to 3 weeks.

It also dependes on the lenders turn times. That is the time the loan is submitted to the time the underwriter actually looks at the file. Our posted turn times are currently 24-48 hrs. ENG Lending, A Division of Bank of England, always puts your best interest first. We would appreciate the opportunity to serve you. Please visit us at www.cincinnatimortgagerate.net. You will soon find that we are so much more than a Mortgage Banker; we are a company that is dedicated to empowering our clients and referral partners. Don't forget to visit our Facebook Fanpage at http://www.facebook.com/pages/ENG-Lending-Cincinnati/171183536269710?sk=wall Or Call Anytime 513-403-6260

That's a tough question. It depends upon the quality of the loan package, if it's absolutely completer when it is submitted to a lender, and how backed up the lender is. Currently, there is a tremendous amount of refinance business going on that has delayed the completion of loans, however, purchase loans are acted upon quicker than refinances by most lenders. We can get loans done in 3 weeks or less, but to be safe it would be best to plan on 30 to 45.

It really depends on who you are working with. Right now the big banks are swamped, and most have not beefed up their support staff. Consequently most of them are taking 30 days or more for an approval and 60-90 to close. They are so bad that recently one enterprising applicant posted a music video on You Tube imploring their Bank to approve their loan so they could close escrow and move into their dream home. If you are working with a local Mortgage Banker/Broker, you should have your answer in 24 hours or less. This is known as pre-qualification. You then need to provide documentation supporting what you have told them. Once they have this, the approval should be in not more than another 24 hours. This is known as Pre-approval. Finally, once you have delivered an accepted contract, they should be able to close in three to four weeks, tops. Of course all of this is dependent upon you getting everything they need to them as quickly as possible. If you credit issues or an inconsistent job history, there can be additional delays because the file will take longer to process. Make sure you are working with a local Mortgage Banker/Broker and make sure you check out their background including their employment history at www.NMLSConsumerAccess.org . You want to make sure you are dealing with an originator that knows what they are doing.

That would depend on the type of loan your doing, but usually 3 weeks or less . But depending on the loan it could be 30+ days. Feel free to give me a call should you have anymore questions. +1 (855) 808-5626

Hanna- I do not originate loans. - I can help you with information that will help you understand the mortgage loan process better than now. - It will take about 1/2 hour or so. - You will be able to make your mortgage decisions easier and with more confidence. - There are a lot of questions. - The wrong answers may become costly. - "Knowledge is Powerful" - "Preparation is Everything" - Performing the duties required of the borrower can be frustrating and time consuming. - "Do it Nice"$ - Don't do it Twice$$ - Doing it over is time costly and a waste of your time. - Please visit my website it is a "Little Book" by reading you will benefit. - Best wishes - Rudi

Hanna Correction: "I stated I Do Not Originate Loans" what was to follow in Kansas. Sorry 'bout that. - Rudi

Sorry I was at the cotton bowl last week and missed your question. Typically it will take about 30 days. Use to be quicker but with the amount of refinances from the low rates has caused a back log and thus longer turn times. If is a purchase many times we can go quick as purchases will be prioritized above refinances.

I applied for a mortgage loan for the home I'm currently leasing in June. I paid for the appraisal and pest inspection, which has already been done. I have given them every document they have requested, but today, it's still held up in underwriting. I have been given multiple excuses as to why this has happened. I was originally told that I qualify for a USDA loan, but now have been told that because I own commercial property, I do not qualify and now I need to come up with a down payment. I finally got fed up and I went to another lender just two weeks ago. I'm supposed to be closing on my home next week. The lender who had my loan tied up in underwriting has cost me $6,400 that could have gone towards my mortgage instead of rent and as of October 1st, the mortgage insurance has increased, so that is also costing me more. My suggestion is not to wait for a lender who is dragging their feet. I wish I had shopped around and found a competent lender.