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Updated almost 9 years ago on . Most recent reply

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414
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Art Maydan
  • Chicago, IL
94
Votes |
414
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Why Does Getting A Loan Take So Long?

Art Maydan
  • Chicago, IL
Posted

I’m trying to figure out why getting a loan takes so long. Can someone please explain to me what happens behind the scenes? My lender told me that we can expect ~45 days between closing and when I own the home. What happens in that time that takes 45 days? Getting pre-approved took a day. If they already qualified me, isn’t it just a matter of performing an appraisal, then transferring the deed to me, cutting a check to the owner, and giving me a mortgage?

Most Popular Reply

User Stats

285
Posts
174
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Shawn M.
  • Investor
  • New Haven, CT
174
Votes |
285
Posts
Shawn M.
  • Investor
  • New Haven, CT
Replied

It takes so long because the loan processor will ask you for papers, forget that you gave them and ask again then loose them, ask you again then go on vacation for a week, then get laid off and you will start with a new loan processor who will ask for the same papers yet again.

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