One of the first questions applicants ask with regard to police officer mortgages relates to how fast the loan can be approved.
In most cases, the approval process will take about a month, but in other instances, it can be much faster, or it can take a bit longer. If all this sounds confusing, don’t work. We’ll go through the details of all that in a moment.
If you’re about to start house hunting, the first thing you should do is to contact a police officer mortgage provider to apply for a pre-qualification letter. Ultimately, the letter will help both you and the seller how much funding you’re eligible to receive, and you should be able to obtain this letter in less than three days.
You’ll also want to keep in mind that just because lender A provides you with a pre-qualification letter, that’s not to say you’re prohibited from moving forward with a home loan from lender B.
Moving onto the pre-approval
Having a pre-qualification letter is a great first step, but if you’re really serious, you’ll want to get started on a mortgage pre-approval as quickly as possible.
Why? Because it’s not unusual for a seller to require proof of pre-approval before they’ll consider an offer.
Much like the pre-qualification letter, you should be able to obtain a pre-approval in about three days, however, if you have prior foreclosures, you owe back taxes to the IRS, your credit is a bit shaky and/or you have one or more short sales on your financial record, the pre-approval could take a bit longer.
When you do obtain the pre-approval, you’ll want to remember that it won’t be valid forever. Most will expire after 90 days.
If the seller has accepted your offer, it’s time to move onto a final approval. During this time, the lending company will send an appraiser out to the home, to confirm its value. Once the appraisal is submitted to the lender, a final approval can generally be processed in about two business days.
Congrats, you’re almost there!
As we stated in the beginning of this blog post, it’s easy to provide you with the averages, but there are times, when all things fall into place, that loans can be funded in under a week.
On the flip side of that coin, there have been times when police officer mortgage applicants have needed to wait several months for the loan to be approved. In this type of case, it’s typically because the borrower hasn’t been completely up front with the lender about their credit history.
If you have some dings, a prior foreclosure or a short sale, the best thing you can do involves being transparent. This will help the application and approval process go a lot more smoothly.
For more information on the timelines associated with police officer mortgage approvals, call Home Loans Today at 866-919-2064 to speak with a Washington State-based loan officer.