How long does underwriting take for a conventional loan primelending?

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Wilburn Bashirian asked a question: How long does underwriting take for a conventional loan primelending?
Asked By: Wilburn Bashirian
Date created: Sat, Mar 13, 2021 4:48 PM
Date updated: Tue, Sep 27, 2022 6:42 PM

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How long does underwriting take? Underwriting—the process by which mortgage lenders verify your assets, and check your credit scores and tax returns before you get a home loan—can take as little as two to three days. Typically, though, it takes over a week for a loan officer or lender to complete.

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While it’s possible to get certain government-backed loans with credit scores as low as 500, you’ll generally need a score of at least 620 to snag a conventional loan. Inflexible Qualifications: Many government-backed loan programs were designed to promote homeownership, so their underwriting requirements have a little wiggle room.

Moving from signing the contract to taking a seat at the closing table tends to take 30 to 45 days. USDA, VA, and FHA loans may take slightly longer.

Buyers typically only spend 60 to 90 minutes signing the paperwork that finalizes their purchase at the closing table, but the closing process actually takes much longer. How long does it take to close on a house? As of June 2020, the average wait to close on a purchase loan for a home was 46 days, according to HomeLight.

From what I can tell, there is a significant difference from when your file is submitted to underwriting and went it actually goes to the underwriter. It can take weeks it seems for the file to actually get to the underwriter, but once that happens, it's usually only a matter of days. The best comment I've received so far: "Your mileage may vary"

Notably, PrimeLending offers a "float down" interest rate option. If you’ve already locked in a loan rate, but interest rates fall before closing, you have the option to snag the lower rate.

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