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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.
No, that is not normal at all. A good mortgage lender will have a pre-approval done for you within 24 hours. You should find another lender. Maybe get a referral from a realtor for a good lender in your area.s to the replies of doing loan approval on the phone....The pre approval process is more then asking a few questions on the phone. That process went away with sub prime loans and for good reason.