How long will it take to get an approval?

Joel Olson • September 1, 2017

A single individual at a lender with the computing power of a Commodore 64 and surrounded stacks of paper files, is

expected to review and approve not only all of your files documents, but those of 16 other files within a single

workday.

 

The process depends on a complete documents package being submitted on day one - that is vital. Those files will receive the fastest response, and even then the response may well be two, three, or even five business days away.

 

Switch - Submit 45 days in advance – ‘File Complete’ 30 days prior to maturity

Refinance - 10 business days for review, 30 days to fund from date of submission

Purchase (no conditions) - 5-10 business days for review – ‘File Complete‘ 15 days prior to funding

Purchase (with conditions) - 3-5 business days for review – ‘File Complete‘ 15 days prior to funding


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