I'm curious about how long loan processing is taking in your community.
We are 2 months from start to the bank ordering an appraisal, which will noww take another 4-6 weeks.
What are you experiencing?
Wow, that's a long time! It really depends on the client. If they're self employed, or slow to get docs in, it can take awhile. That's a long wait for a referral, the house must be way off the beaten path.
A typical process should be around 30 days total.
@Justin Phillips . Great credit, homes in the area. We are trying to roll 1 heloc and our rental into 1 loan. We have so much equity in both places it should be a cake walk.
That's so strange, sorry it's been such a hassle! I'm sure it will be worth it as soon as it's done!
That's way long. Start to finish should be between 45 and 60 days in all reality. Appraisal should be ordered within the first few days of application unless something is wrong.
@Stephanie P. 1st bank told us it would be 6 weeks, at the 6th week we were told appraisal would happen in about 4 more weeks. We jumped ship and are going into our 3rd month with the 2nd bank. SERIOUSLY ridiculous. We have massive equity in both homes, we just want 1 lower interest loan.
Should be a 30 day close
@Elise Marquette 30 days...we are closing in on 90. Every local lender is blaming appraisers or underwriting, but 90 days us just totally unacceptable and I dont care what the excuse is, as a realtor I'm crossing lenders off my list.
I'm taking my clients elsewhere.
@Julie DeWolfe Arroyo what was the reason the appraisal wasn’t ordered immediately after contract was signed??
@Julie DeWolfe Arroyo sounds like you’re working with a big box Bank that doesn’t want do mortgages. Appraisal invoice should have been sent to you for payment after signing your initial loan package which you should have received within the first week, 10 days max.
Typical close time with an actual mortgage banker, not a bank, is 21-30 days depending on who you’re working with. Might need a new lender.