Mortgage Application Process
Mortgage application processing?
what is the average time lenders take to process mortgage application and give you either mortgage offer or decline your application? (NOT the time to get mortgage in principle, but the real offer). thanks.
You know what, it varies wildly based on many different variables.
One variable is how busy that particular lender is lately. A few weeks ago, mnay of the major banks’ wholesale divisions were so busy, just an intial underwrite was taking as long as THREE WEEKS!
That’s not to say that the reatil divisions at those banks had as long a wait, but more than likely the answer is yes.
Right now, many banks and lenders are at about a week to two weeks.
Good Luck.
The Mortgage Prequalification and Application Process Explained
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