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Underwriting? How long does it take??? Buying new home.

post #1 of 10
Thread Starter 
So, our house is DONE! Finally! We've are in the underwriting process of getting the loan. How long does it take before we hear something!?!?!?! They submitted it last week.. said they got it Thursday afternoon. We were suppose to close today.. but they moved it to tomorrow cause the underwriting isnt done. I dont even know what underwriting means!!!!! When will we KNOW!?!?!? Im ready to PAINT!!!
post #2 of 10
Thread Starter 
bump
post #3 of 10
Underwriting is the credit analysis part of the loan process...It can take anywhere from 24 hours to 48 hours (standard) for the underwriter to make a decision on your loan submission, if things are missing or they need more info they will take longer (obviously) most loans I have worked on have never taken more than 72 hours in underwriting and that included a Holiday day.....
Here is a good site that describes exactly what they're looking at

Mortgageunderwriters.com
post #4 of 10
My mortgage broker said they like at least a week to pull it all together!
post #5 of 10
Thread Starter 
Oh man.. I dont know if I can wait a week!!! So far they still have us scheduled to close at 1pm tomorrow.. so we should hear something in the morning they said. Im SO impatient!
post #6 of 10
Quote:
Originally Posted by Happymom View Post

My mortgage broker said they like at least a week to pull it all together!

True, but the underwriter is different, all the info is there ( he is verifying the credit part of it) and the broker should have it all put together exactly as the underwriter needs it, the underwriter can get back to someone in as little as 12 hours if needed....24-48 hours is standard and longer if something is missing or they require more info.
post #7 of 10
Quote:
Originally Posted by EmberNevill View Post

Oh man.. I dont know if I can wait a week!!! So far they still have us scheduled to close at 1pm tomorrow.. so we should hear something in the morning they said. Im SO impatient!

As long as all your stuff is in order and you haven't opened any new credit lines since applying, I wouldn't worry!! The waiting is always the WORST part!

Congrats!
post #8 of 10
It shouldn't take more than 2 days
post #9 of 10
But what about the title search? Doesn't that take time? It took like 2 weeks on ours. sorry, ember. Any update?
post #10 of 10
Our underwriter for credit took a week .

Good Luck
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