I’m sure you’ll get some other answers to this question. But in my opinion, two weeks is too long. It sounds to me like the broker can’t find a spot for you or your deal…one or the other.
You might try confronting the guy with what the delay is. It could be the property, it could be your income or time of employment…too tough to tell. Or it could be that the broker’s source for 95% financing dried up on him, and he’s trying to locate another. But it’s clear that the broker is not communicating the problem to you…and I would have a problem with that. Either get an answer as to what the problem is…or find another broker.
How long should it take for a mortgage broker to find financing. Ive been prequalified credit scores very high etc. etc. Originally he said it would take a couple of days to find the best deal its been two weeks he is still ‘‘working on it’’ The only reason Iused this guy he told me he had 5% down financing available.Does it usually take this long or should I look somewhere else? The 5% is whats attractive. Thanks
I do not orginate many loans these days but when one does land in my lap and all documentation is current you should be able to close a loan within 10 Days. I can get 24 hour commitments very easy, 95% financing is very easy these days.As Jim stated confront the broker or pick up you file and move on. In todays computer market it should not take more than 48hrs to get a answered as long the broker does not piece meal the loan documentation. Standard Documents for commitment. Loan application (1003), Good Faith Estimate, Truth In Lending, Credit Report, Transmittal Summary (1008)