DaveMully.com Mortgage Blog

Processing time these days for a mortgage application can vary greatly. Much of the time it takes is dependant on the circumstances surrounding your mortgage application. Is your property a second home? Is your property located in a rural area? Have you given all the required info. upfront at application to your loan officer?

The longest part of the process these days is getting an appraisal completed. This is now mandated to go thru the Bank's national vendors for the appraisal. This changed May 1st & has taken the loan officer away from controlling the speed in which this used to happen. Before, typically it would take less than a week to get an appraisal completed on your home. Now it can take up to a month depending on if your home is in a rural area where it can be difficult to obtain comparables by the appraiser.

Feel free to send me any questions on this topic or any topic @ dave@midtownfinancial.com or call me @ 248.767.1950.

Dave Mully