commitment letter
Started by NYCDowntown
almost 17 years ago
Posts: 71
Member since: Jul 2009
Discussion about
we submitted our mortgage app thru chase back on sept 2. still haven't heard back. is no news generally good news? should we call the mortgage guy at chase every other day to check in? thanks!
this is not good -- you should hear back in 48 hours or so
call them or switch to a different lender
How could not hearing from them be "good news" when the only good news here is that you have the bank's letter? Look at additional lenders while you wait.
i called the mortgage guy who put the application together a few days ago and he said "you only submitted this over a week ago, give it a few weeks. the underwriters are really busy."
i will email him or call him again.
Chase is a very very slow on the retail side. Look at additional lenders.
generally it takes about 20-30 days for the underwriters to complete your application.... that's why most contract of sale has a timeframe of 30-45 days. however banks prioritize purchase lending so you should heard back soon. you might also want to try TD bank.... they have good rates and think reduce the rate by a quarter if you pay the first 12 months on time.