You may see on TV or hear on radio lenders boasting they can get you approved in 8 minutes by simply clicking a button.
Is this true? Is that all it takes nowadays to get approved and to go to closing? Can you close the loan right after you are approved in 8 minutes?
Well, the short answer is no. By “approval”, they may mean their computer program analyzes the data you input, and qualifies you for the loan. However, what they fail to tell you is that you still need to sign an application package and submit supporting documents.
Furthermore, the “approval” does not analyze the property. The lender still needs to review the title policy and appraisal.
So, don’t be drawn in by lenders advertising quick approvals leading you to believe you will close in a matter of days. Instead, take the time to research various lenders to see if they have the program, rate, and costs to suit you; find the right lender for you.
We are a mortgage broker and have a variety of programs to fit your needs. Contact us and we can help you!
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Counsel Mortgage Group®, LLC
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