How long does it take to get pre-approved for a home loan?

I talked over the phone this morning with a loan officer with a bank and I faxed him all the paperwork he said he needed. He did say that if he needed anything else that he would call me and then that he would call me to let me know if I was approved.

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?

Update:

G-Man

I am guessing now that it is not a pre-approval, because he asked for all my verification forms to be faxed to him today. (Income and banking statements from my current bank.) I think he pre-approved me based on my waiting an 80/20 loan and having a credit score of 589. And I am sure that he said that he would call me to tell me if I was approved or not...so even if I was denied he would call me. My current bank says I am fine and should get a loan.

5 Answers

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  • angela
    Lv 6
    1 decade ago
    Best Answer

    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.

  • 1 decade ago

    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.

  • Anonymous
    1 decade ago

    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.

  • shirk
    Lv 4
    3 years ago

    The prequalification technique ought to be waiting to be completed at once. it is basically a count of pulling the credit checklist and seeing if the the remainder of the information that has been provided paints the photograph of a private loan that should be approved. an computerized Underwriting device would properly be used which will confirm no count if Fannie Mae or Freddie Mac will settle for the own loan. If that technique is finished properly, and if the main appropriate information is enter into the technique, the effect is a sturdy prediction of no count if the own loan would properly be completed or no longer. the technique itself would properly be completed as at once as 15 minutes - it is commonly a count of alternative aspects interior the own loan officer's time table if it takes longer.

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  • Anonymous
    1 decade ago

    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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