How long am I gonna have to wait to hear back from the banker?

Question

I went to the bank last week on Tuesday to see about getting approved for a home loan. The guy sounded optimistic and not once did he say he didn't think it was possible. He just mentioned different option that I might think about. Not one of them was like, "Wait unitl you have more money", or "better credit" or anything like that!

He said he'd email me the next day. That was LAST TUESDAY! I emailed him and just dropped a hint that I'd like an update when he gets any information. STILL nothing. I'm going nuts and really stressing.

How long does this stuff take?

Answer 1

Usually, they can give you an answer immediately once they plug in your info into their system and run your credit reports.  It shouldn't take a week, that is too long.  Follow up with your banker and if he doesn't give you an answer then move on.  Although, I do caution you against running your credit reports too much.  It usually doesn't affect your score all that much if you're home shopping but just be careful anyway.  Make sure you work with a reputable lender!

Answer 2

look -- he is either inexperienced or you don't qualify but either way you should have been at least sent papers in the mail by now. Call him and ask where your RESPA package is as it must be mailed by no later than the 3rd day of pulling your credit, or a statement of credit denial. Federal law

But he may be looking for a program you are qualified for

I am a mortgage banker in TN & KY

Answer 3

If you want to know how long it's going to take you're going to have to ask the guy you spoke with.  I see no problem in you calling him and asking when he'll have an answer for you.

Answer 4

It is look like he is not very good loan officer- go to the different  one, at least you will know if you qualify or not.

Answer 5

Either something is wrong or this "mortgage professional" is not doing their job.  My guess is that there is something wrong and they probably cannot do the loan, if a loan were there, you would have your respa docs by now and they would be calling you every day to get them signed.  Going through a bank directly is difficult right now, they are tightening their standards as just don't have a lot of money to lend.  I would use your social network to see if anyone knows of an honest, ethical mortgage broker that has FHA access and speak with them.  Fha is more lienent as far as approving loans goes and if you can find a good broker, they should be able to run preliminary underwriting findings as well, meaning they can tell you if your pre-qualified right on the spot.  Your getting the run around, find someone that is willing to work with you and help you finance your dreams.  Good luck and feel free to ask any questions