How long will it take to get our loan approved?
It depends on how much information you provide to us at the time of application.
In some cases, we can actually get your loan APPROVED in minutes! But to accomplish that, you must complete our entire online loan application completely, filling in every applicable field. If you leave out any information at all, we will have to contact you by email or telephone to complete the application before it can be submitted to the automated underwriting system.
If you submit a complete online application, we then pull a credit report and submit your loan application to a Fannie Mae or Freddie Mac automated underwriting system. If you have good credit (no late payments on your mortgage or credit accounts) we can usually get a loan approval within a few minutes. Of course, this assumes you submitted your loan application during regular business hours (8:00am to 5:00pm Pacific Time). If your online application comes in at night or on a weekend, it will be processed the next business day.
Once your loan is "approved," you will typically be required to provide supporting documentation such as paycheck stubs, W-2 forms and bank statements. We will mail a loan package to you that includes all the forms that you must sign and you simply include the required documentation in the postage-paid return envelope along with your signed loan papers.
Again, this process can take hours or days, depending on how much information you are able to provide at the time of application and how much additional documentation may be required to make an underwriting decision.
We specialize in FAST approvals for borrowers with good credit, so if you fill in the online loan application form completely we can usually give you an answer the same day.
But if your credit is "less than perfect," don't worry. We have loan programs for just about anyone. It just takes a little longer to get an approval from a "non-conforming" lender.