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A loan approval process should take anywhere from 1 day to 1 month, depending on the size and type of loan applied for, as well as the credit risk and underwriting needed for the borrower. loan approval process should take anywhere from 1 day to 1 month, depending on the size and type of loan applied for, as well as the credit risk and underwriting needed for the borrower.
âHe had every single iota of possible documentation you could imagine upfront,â said Sheldon, whoâs a senior loan officer in Santa Rosa, Calif., and regularly writes about mortgages for Credit.com. That three-day turnaround was unusual, but so was the time it took roughly two months to get mortgage approval. âIf the borrower was just a little bit more transparent upfront, we probably wouldnât have had that.â. Mortgage approval is a multi-step process, but the more consumers do from the beginning, the more likely it is to go quickly.