How long does it take for a mortgage decision to be made?

We are going through a mortgage broker and 3 days ago filled all the paper work in to apply for our mortgage. How long does it take for a decision to be made. We are first time buyers and really anxious on the outcome!!!!!How long does it take for a mortgage decision to be made?
It depends, honestly, on what paperwork is actually completed and what you mean by a ';decision.'; I don't mean to sound like a politician here, but there are mutliple definitions at work in the lending business.





If you completed just the loan application and Borrowers Authorization (to pull your credit), then the broker should be able to tell you within minutes if you're pre-approved, but this doesn't constitute a loan approval and does not go to an underwriter for review. This would be a pre-application and pre-qualifying.





If you have a home under contract and have completed all the disclosures, then the broker has the option to send it to underwriting for credit approval or to hold your paperwork until the remainder of the documents are in. If it wasn't submitted to underwriting, then you're not waiting for a decision, per se, but you're waiting for the rest of the documents. If it was submitted to the underwriting team, it would probably take 3-4 days. This would be an application and credit approval.





If the broker is holding it until the additional paperwork is in, it might take a week to get the paperwork and another 24-48 hours for underwriter review. (In addition to your paperwork, the mortgage broker has to verify your employment and bank balances, order title work, survey, appraisal, and, depending on the loan type, do other work himself/herself.) This is final application and final approval.





But wait -- there's more! Nearly every file is ';approved with conditons,'; meaning the underwriter has questions about something that was submitted and will not actually offer final approval until those conditions are met. It can be anything from whether or not the appraisal is accurate to where a large deposit showing on your bank statement came from. Once the conditiosn submitted, THEN you can get final approval. (Of course, the underwriter might have more questions -- that does happen.)





So, to summarize: If the file is first submitted for credit approval and then additional documents are added, it's usually 24-48 hours after the last document; if the entire file is submitted at once, it *should* be just 3 days, but 5 days isn't unreasonable. It all depends on the underwriting team's workload. But, as you can see from above, your signing your share of documents doesn't mean the file was ready for underwriting.





But, honestly? I've had files take two weeks to turn around from the date of last document submission. This past January, when rates were down to 4.5 percent, everyone's underwriter's were buried with refinances, and it took that long.





I'm sure that was confusing, but I hope helpful as well. There is no simple answer because additional information is needed to fully answer your question. I'm happy to respond via email, if you would like to clarify.How long does it take for a mortgage decision to be made?
If you are just looking for an answer as to how long it takes the bank to make the decision as to whether or not to lend. It is typically made immediately. Automated or computerized underwriting took the place of human decision making long ago. As soon as you tell your lender what you make, how much you have in the bank, and they pull your credit, they know whether or not to proceed.





The job, income, and asset paperwork that follows the initial trip to the bank, which pushes the whole process to 2 or 3 weeks, is merely the bank verifying the information they plugged into the underwriting system.





If you are not planning on putting 10-20% down- you'll most likely be going through FHA- which requires a 3.5% down payment, a 580 minimum FICO, and a max DTI of 50% - if you fit those requirements you have a good shot of getting approved.
I would recomend that you speak with your bank about the time for an answer. Most banks are different in the amount of time it takes for a final approval. It also depends on many things, such as the long list of people that sent in their application before you. Most banks do it in the order that they are recieved. Secondly it depends on what type of deal was put together between you and the bank. Banks tend to like bigger percentage deposits on loans. So best advice talk to your underwriter.
Hi My mother and father just bought a house it all depends on the type of load you applyed for if it is FHA, USDA Rural Housing, or any of the new government loans you will find out if you are approved soon. Don't worry everything will be allright we know exactly how you feel the longest thing we waited for was closing thats the rough part. Once you know just think you've got all that packing to keep you busy. Hope this helps may god bless and everything work out.
The process can be quite lengthy. The must make sure there is no leans against the house, and check for mold and bugs, and a lot of other things. The process can take from a few days to up to a month. When I bought my home it took about 3 weeks till we were able to sign the final papers. Be patient and congratulations on your first home.
depends on a number of things


if they think you can pay the money back


how much you want to borrow


what assurances they have you can pay them pack


just things like that
Are you talking about the whole mortgage process or to just get pre-approved....pre-approval shouldnt take more then a few hours...the whole mortgage process can take anywhere from 21 days and up
It easily takes 3-4 weeks to go thru underwriting. It takes them a while to get to yours.