How long for mortgage approval/loan offer

S

Ssmith

Guest
Hi,

My husband and I applied for a mortgage in September 2008!! We got a letter from our broker in October telling us how much we qualified for, saw a house in November and put a deposit down and proceeded with the mortgage application. The valuer and surveyor where at the house at the beginning of december and we had to give the broker new bank statements as the " bank" where requesting more up to date ones. He told us that we would not hear anything until after Christmas. So after Christmas we got back onto the broker and he said that our case was with the underwriter and that they were looking for new salary certs to be filled out and more recent payslips. He keeps saying that they are just not giving mortgages out anymore and that its the banks that are holding things up. He never rings us to let us know whats going on but everytime we ring him he is looking for something else!

So what i am really asking is is this time frame "normal" and when can we expect to hear back from the underwriter. Apparantly broker brought the new certs and payslips over on monday. Husband rang broker yesterday and he said should hear something early next week.The bank is first active.

Thanks.
 
Hi Ssmith!
Honestly 3 years ago you might have accepted that from the broker as they were run off their feet but not now.
He is right in saying the banks do not want to lend unless they have to, but it should have been sorted out by now. The only plus is that by the broker being so slow you have benefited from the rate drop.
I wold ring the broker ever morning around 11 that way he has no excuse such as the banks are not open yet etc. if he hasn't gone down the road too far you can still change.

That is coming form a broker
Mike
www.lifeireland.ie
 
Hi...I think i know what happened here. First Active pulled their underwriters in October to send them on "special projects". All cases which were previously approved were sent for re assessment to the credit department which meant back to square one having your loan assessed. An initial approval from First Active really is not worth the paper - just a rough indication of how much you might qualify for when it goes to full underwriting. I would look to any other lender but you really should have your loan offer by now. Even at this stage it would be worth asking your broker to find another lender. I'm waiting 6 months for FA to issue stage payment - they keep losing the docs and when they finally have them all, some are out of date and they request them again. Its an absolute joke! I can't believe brokers still use them.
 
Thanks for the advice. I am going to keep on at my broker re the loan offer as both solictors and the vendor are putting pressure on us everyday to get this sorted. I will update when and if we get the loan offer.
 
it it pain full how long they can take, mine was about 4 weeks.. as they are quieter they have more time to inspect docs more closely. but i feel as there is less ppl applying they are moving more quickly
 
For what it's worth, my friend took over two weeks to receive formal approval for her mortgage! No credit issues, secure state job etc etc!
 
I am in similiar boat. I went away from broker and seeked my own mortgage, working out better. FA approved me and principal and when it came to getting loan offer letter, they said they no longer could give me money for the most rediculous reason.
Good luck tho.
 
corco2000 said:
I am in similiar boat. I went away from broker and seeked my own mortgage, working out better. FA approved me and principal and when it came to getting loan offer letter, they said they no longer could give me money for the most rediculous reason.
Good luck tho.
Click to expand...

What was reason? thanks
 
wooden structure, so could only give me 50% of value was the main reason. It is taking me almost 3months to get an offer!! And thats 85% not 90%
 
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