What is the average time it takes to be approved for a mortgage?

Hi,


We just did a refinance %26amp; it took about at least a month for us until all was settled. Just make sure you have everything that is needed %26amp; get ready for last minute calls like ';Hey can you fax us over this form';. Also make sure they are working for you %26amp; not vice versa! I just heard on NPR that getting mortages are going to be a little more involved due to the of how the housing market is doing.


Good Luck!What is the average time it takes to be approved for a mortgage?
The people who bought my house were preapproved, but it usually runs between 60 and 90 days. Sometimes more, if there are questions that haven't been resolved, such as where the down payment money came from, if the buyer (applicant) has a lot of open credit card accounts. They don't have to have any balances, but the fact that they are ';open'; can be of concern to the mortgage broker.What is the average time it takes to be approved for a mortgage?
As a mortgage Broker i can get you approved with in 2-5 days
Pre-approved? That can be done in one day most of the time. I recently applied for a Home Equity line of credit online and got approved in 45 seconds.
It depends on the lender could be two five days or a day
Not sure what the average time is but with most lenders, you can apply on-line and get approved in a fairly quick turn around time anymore.
I don't know about average time, but I filled out an online form with my bank and got a check 3 days later...
There are going to be alot of different answers to that question. Each case is a little different and there is no real average.





Down payment is a big factor. Banks love to see money up front. If they know you are going to pay that 10% of more up front they will move through things faster.





It could probably be anywhere from 2 days to 6 months. Most people I would think would fall into the ';a few weeks'; category.