so,
if you are going to buy a house, you find one that you want and would like to buy it…but then you need to get a mortgage to buy the house. well this might take a while right?
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so then does the realty company who is putting the house up just keep the house on hold for you while you try to get approved for the loan?
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if so, for how long will they wait for you?
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if not, then wouldn’t it make it extremely hard to buy any house since it takes a while to get approved for a loan? or do you need to get pre-approved, then go find a house, then send the house info to the bank, then they give you the money, then you buy the house??
how long does each process take and how does this work??
thanks!
Go get a loan approval letter. This way when you look at property, you know your loan is ready to go and for how much. For example, it might be a 80% LTV.
Next, look for property. When you find the one you want, submit your offer. The seller will either accept, deny, or counter. Once you have an offer accepted, you proceed to close on the home. This can take any amount of time. The home is yours providing everything is in order. A common close time is 45-60 days.
This is basically the process when you look and buy using a realtor.
let’s say you are buying this house as an investor,
is the house you are going to buy the collateral on the investment?
if so, wouldn’t the bank want a lot of time to review the house itself, since it is the collateral?
or do they care more about your credit rating and background?
if you get pre-approved, are you pretty much ready to buy whatever property the bank has determined you can afford to invest in? assuming pre-approval, how much time does the bank need to review the house you want before final approval? (the overall timeline for getting the house might be longer with negotiations and inspections and whatnot, but I’m talking about JUST from the bank’s end of things)
thanks!