How long does it take to get pre-approved for a home loan?
Oddly enough he told me how much my payments would be a month.is that a good sign?
How do they verify your income if it is social security? Do they go off the letter of award that I got from social security?
So..how long till I know if I am pre-approved?
Answers:
They should be able to do a pre-approval in a very short amount of time. Usually same day or next day. Sometimes they base it on the information you give them about income and then check your credit report. Since this is Friday, I'd give them until Monday or Tuesday and if you haven't heard anything then call and ask.
A pre-approval can take a day or two. this is just a letter that you get to assure the seller that you are pre-approved for the loan and that you are able to get a mortgage, the final approval is what takes the longest: they check your credit, check your background, do the appraisal for the place you are buying, and so on... that can take 2 weeks with getting everything done quickly to a month sometimes. it depends on who's doing it.
It usually only takes a few minutes. If he does not call back today, then you will probably get a letter in the mail explaining why you were declined.
They will make a pre-approval off of your credit score. They will then ask for income verification later (if needed) in the from of pay stubs and bank statements.
If you have any problems email me at
biwagirl20@yahoo.com
I have a friends that deals in this stuff and helps people with difficult situations.
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