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How much longer does a fha mortgage approximatly take to get approved compared to a conventional home mortgage loan?
That would depend on several factors like if the people you are working with are brokers or direct lenders. Their ability to underwrite in house vs. sending out will directly influence the time to close. Their overall knowledge of the FHA process and years of experience will play a factor. So in general do your best to work with a direct lender that has years of experience and specializes in FHA and you should do just fine.
In general we turn transactions in under two weeks but this will be different on purchase transactions where a specified closing date mandates when you close.
What else can I help you with?
What is a conventional Uninsured Mortgage?
Are you sure this is a "mortgage protection" question?
Have you been pre-approved for a mortgage loan?
Yes, have you been pre-approved for a mortgage loan?
Does a mortgage pre approval guarantee a mortgage loan approval?
Pre-approval for a mortgage does not guarantee that you will be approved a mortgage loan. However it does mean that it is very likely that you will be approved when you apply.
Is there a difference between jumbo mortgage rates and the rates of a conventional mortgage?
A jumbo mortgage is a loan larger than the conventional mortgage limits. The rates of jumbo mortgages is typically 0.25% to 0.5% higher than traditional mortgage rates.
What is one of the advantages of getting a government-sponsored mortgage instead of a conventional mortgage?
Government mortgages charge lower interest rates than conventional mortgages.
What is a conventional Uninsured Mortgage?
Are you sure this is a "mortgage protection" question?
Have you been pre-approved for a mortgage loan?
Yes, have you been pre-approved for a mortgage loan?
Does a mortgage pre approval guarantee a mortgage loan approval?
Pre-approval for a mortgage does not guarantee that you will be approved a mortgage loan. However it does mean that it is very likely that you will be approved when you apply.
Is there a difference between jumbo mortgage rates and the rates of a conventional mortgage?
A jumbo mortgage is a loan larger than the conventional mortgage limits. The rates of jumbo mortgages is typically 0.25% to 0.5% higher than traditional mortgage rates.
What is one of the advantages of getting a government-sponsored mortgage instead of a conventional mortgage?
Government mortgages charge lower interest rates than conventional mortgages.
Is one of the advantages of getting a government sponsored mortgage instead of a conventional mortgage?
Government mortgages charge lower interest rates than conventional mortgages.
Which is true of an adjustable rate mortgage?
conventional mortgages
What type of mortgage loan has a fixed rate a fixed term and a fixed payment?
Conventional Mortgage
Can you get approved with a credit score of 502 with a mortgage?
no.
Am I pre-approved for a mortgage?
To determine if you are pre-approved for a mortgage, you will need to apply with a lender. They will review your financial information and credit history to make a decision.
What does "pre-approved" mean in terms of being approved for a mortgage?
"Pre-approved" means that a lender has reviewed your financial information and determined that you are likely to qualify for a mortgage loan up to a certain amount. It is not a guarantee of final approval, but it shows that you are a strong candidate for a mortgage.
What are the benefits of a swap mortgage compared to a traditional mortgage?
A swap mortgage can offer lower interest rates and more flexibility in payment options compared to a traditional mortgage.
