I am trying to get a mortgage really soon to move out within a week. I need to get one very fast?
by Mortgage Rates on Sunday, October 10th, 2010 | 10 Comments
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There’s almost no way you would be able to get a mortgage that fast even if the country weren’t in an economic crisis brought on by mortgages. If I were you, I’d be worrying more about getting it at all then getting it in a week. Sorry, but you might just have to wait a while longer.
Never going to happen.
Underwriting alone can take up to two weeks.
Add on another week or two for a title search & document preparation.
These things take time and you are trying to rush it. You can’t do that, in order for them to get you a loan with a good interest rate it takes time. You earn a good amount of money but you have a horrible credit history, which sounds to me like you buy things now and think about the cost later. You have only been working in improving your husbands credit for a month, this takes years. I suggest saving as much cash as you can for now, work on your husbands credit and try to buy a house in another year or two.
there’s a huge difference between being pre-approved for the mortgage and actually getting the house (ie closing on the home). prior to closing, you don’t own it and a lot of things can happen that can make that deal collapse. your credit is not too bad, but your husband’s credit is gonna be a problem. however, if you leave him off of the mortgage application, you’d have to leave his income off too. is the split 50/50?. it doesn’t take a few days to run credit, it takes minutes. however, they could be stonewalling you on this. did you shop around at other places? the time frame of you needing to move out in a week is going to mean that this isn’t going to happen. if you need to move, you might want to consider either a month to month lease where you are at presently, or something with another apartment.
First of all, if it is going to take a couple days to run credit with the bank lady, there is no way in h*** you can close on a home in 2 weeks. I can tell people if they are approved in a hour! Your credit is horrible, so they won’t be able to use your husband, unless you go FHA & have you even signed a purchase agreement yet? If not, you have a long way to go!
Good luck!
Can you qualify without your husband? If so, it will go MUCH faster. His credit is absolutely horrible and will require tons more documentation. With credit under 640, our company requires double the documentation of assets and income of a borrower with 740 or higher credit.
Unless you have a 50% down payment and your credit scores are 740 or above, it’s going to take a lot longer than a week to get a mortgage.
Find another lender.
You are not going to be able to close in a week because an appraisal and title work will most likely not be able to be completed that fast…unless you offer to pay a rush fee.
You know how long it takes to run credit? About 20 SECONDS.
That is why you need to find another lender..obviously, she is taking her sweet time.
PS: Underwriting can be done in less than 24 hours if you find a DIRECT lender (not a broker).
The actual underwriting process only takes about 30 minutes once the file hits the underwriter…but he/she can’t underwrite the file until the title and appraisal are back.
You’ll NEVER get a loan on your time schedule. Take a breath. Calm down. Life is too short.
There’s no way to get a loan and close on a house in one week. 30 days minimum.
This isn’t going to happen. You cannot get a mortgage in a week, especially with your husband’s credit score.
Making that kind of money and having that lousy credit score is a bit unbelievable.