There are a few steps involved:
- Once we receive all of your supporting documentation, you can expect a pre-approval based on credit-worthiness within three business days.
- Once you're pre-approved, an appraisal company will hit you up to schedule an appointment for a walk-through appraisal. In some cases, we may be able to use market data instead of an appraisal.
- Within ten business days of that appraisal, we'll contact you with info on the final loan approval and conditions.
- If all is kosher there, you'll be asked to schedule an appointment for closing.
That whole process takes three to five weeks. You should know, by law, we're required to provide a waiting period of three business days after closing before making the funds available, just in case you change your mind about taking the loan.
If you don't see those funds in three business days or you have any questions, just call us at 847.576.5199 (option 3, 2) or toll-free 877.270.6392 (option 3, 2).