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I am purchasing a house. The day under contract is 5/4, loan application submitted on 5/6 evening, rate lock 5/10, I am using a mortgage company, which my agent recommended. Most time the communication is between my agent and mortgage company. So far the bank doesn’t order the appraisal yet, the agent said she had pushed mortgage company really hard. I don’t understand why it’s take so long to lock a mortgage rate (the interest rate increased 0.125% from 5/6 to 5/10) and I don’t understand why the appraisal is not done yet. Is the time frame in my case sounds normal?The seller wants closing in 30 days, I am worried if we can get this done on time. Any suggestion will be appreciated.
Thank you

2 Thoughts on Is my mortgage process time frame normal?
  1. Reply
    February 12, 2014 at 6:29 am

    It doesn’t sound like it is too out of line. I have always been in the mortgage company’s office when an application was turned in an gotten my rate lock at that time. If you haven’t called the mortgage company’s representative yet, I would do that. Sometimes I think they forget that there are real people at the end of the line waiting for mortgage to come through.

    Good luck

  2. Reply
    A Hunch
    February 12, 2014 at 6:48 am

    You should be the one talking to the loan officer not your realtor. The realtor does not need to know anything about the loan officer/mortgage company.

    – every rate lock I have ever done was like this =
    mortgage broker = “do you want to lock today?”
    me = “what do you think?”
    mortgage broker = “no, because of XYZ” or “yes, because of ABC”
    = you don’t need to lock the rate until the last minute. since you aren’t working with the loan officer your self, I can’t even figure out the process you must be using.
    = and just so you know, the best rate is not always the best loan. did you talk with your broker about different rates and different programs related to the different rates.

    Your loan was submitted on May 7th.. because the evening of May 6th does not count.
    It’s been a week = that’s really not too long to wait for the appraisal.
    do you have a date it’s scheduled for? If not, pick up the phone and ask your loan officer.

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