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Updated almost 4 years ago on . Most recent reply

User Stats

80
Posts
75
Votes
Melody R.
  • Real Estate Agent
  • Los Angeles
75
Votes |
80
Posts

Loan estimate taking weeks. Normal?

Melody R.
  • Real Estate Agent
  • Los Angeles
Posted

I’ve contacted 6 brokers/lenders, completed the loan application and provided all documents they request but still have not received the loan estimate from 4 out of the 6. The two I have heard from have made mistakes with my file. One got my loan amount wrong and the other contacted me three times to ask questions that were in the email I sent him when I initially contacted him. My question is, is it normal in today’s market for lenders to take weeks to provide a loan estimate? I’m now considering forgoing using any of them and instead applying on better.com where I will have my estimate within a few clicks and my refinance opened this week. On a podcast I heard to get a quote from a broker, large bank, credit union, and small bank which is proving to be harder than I thought, but I will wait it out if this is indeed normal turnaround times.

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