Get preapproved quickly when you know what you're lender is looking for.
The length of time that it will take you to get preapproved for a mortgage depends on a number of factors. The most important factor is how long it takes you to supply the paperwork that is required to approve your file. It is important to note that the information necessary to determine whether or not you qualify can be complicated. The easiest way to visualize the process is to imagine your financial world as a Rubik's cube all mixed up. Our job as ARBOR is to solve your personal financial puzzle so we can not only approve your loan but we can also ensure a smooth process after you find your home.
So the sooner you provide ARBOR with required approval documentation, the quicker you'll receive an answer. Download the mortgage pre approval checklist.
Typically, you can expect a full pre-approval 48 to 72 hours after you provide your personal financial information to ARBOR.
How can you speed up the mortgage pre-approval process?
Get Organized! Make sure your documents are in order and are digital
Before you apply for a mortgage loan in Orange County, California, make sure that you have all the documents that will be required.
- Most recent 2 years personal federal tax returns. All pages and all schedules. **
- IF you own 25% or more of any LLC, S-Corp, Partnership etc we will need the most recent 2 years business returns (1120s, 1065s, etc) & K-1s for these entities
- Most recent 2 years W-2s
- Most recent paystubs to cover a 30 day period
- Current Driver's licenses
- 2 months banks statements for any funds that will be used for closing.
- A complete ARBOR Loan Worksheet
- Current credit report (we can provide for you)
A best practice is to gather all the information above and save it in a PDF file format. This will save you time down the road and make things easier to approve your loan.
Protect Your Credit
This really can't be overemphasized. Ideally, before you even apply, you'll have made sure that your credit report looks good. You'll have done a credit check on yourself (see "Get Organized" above), and if there are any problem areas or mistakes, you'll have taken measures to have the information on the report corrected.
In the meantime, don't do anything that's going to jeopardize your credit score. ARBOR may, even after doing the initial credit check, look again before approving your loan. You'd be ill-advised, between the time of applying and closing, to rack up your credit cards or make a major purchase. Also, don't apply for new credit cards, or do anything else that could affect your credit score. If you do, it's very possible that you could be denied at the last minute.
When in Doubt, Ask
If you're concerned about how long it will take you to get preapproved for a mortgage loan, contact one of Arbor's licensed mortgage professionals in Orange County, California. Or, if you already working with a lender, contact them to find out how long it usually takes them to process a new mortgage application. If they're vague, or unwilling to give you an idea of the time frame, you might want to consider looking for another lender. Also, remember that "final approval" and "conditional approval" are two different things. If you have a conditional approval, ARBOR might want more information from you to be sure that you're able to satisfy the conditions of the mortgage loan. You might also have to provide additional information to satisfy underwriting conditions in order to obtain a final approval.
The Final Word
So, generally speaking, how long to get preapproved for a mortgage loan? The best answer is 48 to 72 hours from when you send the last item from the required checklist. If you chose to work with Arbor in Orange County, California, you can get a mortgage prequalification letter instantly online. After we receive your financial information we can convert your prequalification in 24 to 48 yours.
A Must Download
During the mortgage loan preapproval process, it is extremely important that Nothing Changes in your financial world. We recommend you download the following do's & dont's of getting a mortgage home loan!
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