Question by ?char?: About how long does it take for loan approval and to hear back about an offer?
Two separate questions in one:
About how long does it usually take for loan approval on a conventional loan? I filled out my application and my Realtor got it to the loan officer today.
I also filled out the offer contract today and faxed it to my Realtor for her to take care of the rest of the process. About how long should it take to get the seller’s response to it?
Answer by Cristina V
1) Usually 30 days, though you should get a commitment from the lender before that.
2) Depends on the seller. Banks can take up to 3 weeks to return an executed contract. An individual seller usually around 48 hours but often sooner.
What do you think? Answer below!