When you're buying a house and you're ready to move, patience can be hard to come by. A week can seem like a month. It's even worse when you're waiting on someone else, and you're ready to get things done. A common question during the mortgage process is "How long?" This could be "How long does it take to get pre-approved?" Or a home buyer who wants to use an FHA 203k loan to do some upgrades or remodeling on the house they're buying might ask, "How long does it take to go from making an offer to closing?"
These are great questions. We thought they were so good, we wanted to answer them in a 60 Second Mortgage Tip. See the video below for the answer.
See the embedded video here - How Long Does it Take to Get Pre-Approved for an FHA 203k?
Script: Hi I’m Dan Moyle with AmeriFirst Home Mortgage and THIS… is your “60 Second Mortgage Tip.” Here’s a question we recently received. Jamie D asks about the FHA 203k: “How long does it generally take to get approved? Also, what is the timeline from an offer being accepted to closing?” Here’s your answer: A mortgage pre-approval generally takes less than one hour over the phone. You should hear a “yes” if you have good credit and money for down payment and closing costs.
AmeriFirst Home Mortgage likes to ask for 45 days to close the loan. Now, that really depends on how long it takes to get the bids from your choice contractor, and the paperwork involved. We need stuff from you and signatures. The faster we get the bids and other material, the faster we can order the appraisal and then, close your loan.
Thanks for watching. Subscribe to our channel for more video tips and visit our blog. And if you like our video, please hit the thumbs up below for us! Again I’m Dan Moyle with AmeriFirst Home Mortgage. This has been your “60 Second Mortgage Tip.”