How long should the approval of a loan take?

The mortgage professional should have asked you for all of those items up front and within 24 hours issue a pre-approval. Credit score alone doesn't dictate an approval, but 3 weeks is an excessive amount of time. LMK if you want another opinion. I have been lending for over 16 years and licensed in 28 states including CA. Aundrea Beach-Greco 702-326-7866 info@aundreabeach.com

Three weeks seems like a very long time to get a pre-approval, but there could be some additional information he feels is needed to ensure he can use your income. Credit is a large part of the approval process, but it is also based on your job history, income, debt to income ratio, assets, source of down payment, loan to value etc. I would go over it in detail with him and find out what he is worried about in issuing you a pre-approval right now. By now he should of been very upfront with you and told you already I would hope. Best wishes, Sean

I agree with Aundrea, and Sean; it's never been based on credit score only, many other factors would affect the decision. but this guy is taking too long.

All loan officers and the company they work at are NOT created equal. A whopping 80% of loan officers are unlicensed application clerks. Sounds like that is what you are working with. They should have gotten all that information up front. A true professional loan officer can give you a 90% looks good or bad answer almost immediately. Full underwriting may take a few weeks. A poor credit score will give you an instant no... but an OK or better score does not mean an instant yes. www.Minneapolis-Mortgage.net

The more that we do upfront for you, and give you a checklist, and are communicative - the more thorough and credible your approval will be. We always ask for tax returns up front, so that when you are getting everything together, then we have them already. The Credit Score is one component of the approval process, we look at assets, debt %'s, loan to value, and your paystubs. Click on my profile to the left, then click on my email address, and we can chat. Thanks...Jeff

Having a good credit score is only one of about a hundred things that are considered when determining one's eligibility, so to answer your question, NO. it's not a yes or no with just a good credit score.. But how your loan officer is going about your approval process is troubling.. everything that's required to apply for a mortgage should have been asked for upfront.. tax returns, pay stubs, w2's, letters of explanation, bank statements, etc.. the fact that he's still asking for stuff might tell me that your loan isn't even submitted to underwriting yet.. I would get a 2nd opinion or maybe even higher a different loan officer.. 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