How long does it take for a mortgage?

Seems like a long time for a pre-approval or commitment letter, but getting the loan ready to close might take a bit longer.

Yeah, the three+ weeks is just for a commitment letter! I've been told repeatedly by the broker that we're "well qualified" and we have credit scores in the mid to high 700s...but with all this talk of mortgages being so hard to get (plus the big NY Time's article about first time home buyer woes last Sun), I'm just anxious.

it's from Citibank if that makes a difference? Has anybody else used them, and found it takes longer than usual?

Thanks!

Recently using Manhattan Mortgage I received a commitment letter within 48 hours of submitting the requested documents. For just a letter, 3 weeks sounds kind of crazy unless you have some very unusual credit/net worth situation.

It took us several weeks as well. the hold up was with the appraisal, which took 1-2 weeks to complete (scheduling, report, due diligence by the bank, etc.).

Used countrywide 3 months ago-took a week. Had full documentation. Brokers are not the best way to go these days because they are partially responsible for the mortgage mess we have.

3 weeks and you could have missed out on a property. If they take that long for the first response your appraisal and closing will be hard work pushing them along

"Brokers are not the best way to go these days because they are partially respnsible for the mortgage mess we have."

What? The other part of the responsibility is with the banks, so by this logic banks aren't the way to go either. Which leaves you where? All of sudden Citi is the paragon of sage mortgage dealings? Please. Tell that to Citi's stock investors.

Now I am getting nervous. We are already in escrow on the co-op, but the wait time for that commitment letter keeps getting pushed back further and further.

you can go to another bank or broker and start the whole process over. the cost is probably minimal at this stage. do you have a financing continency in your contract? if so, you can still get out of the contract and get your deposit back if you want.