Instant PQ will give you the answer instantaneously. If you do the application over the phone, most scenarios will have the answer on the spot as well. However, we will need to verify the loan documents before being able to issue a loan pre-approval letter. If you upload the documents right away, you will have your pre-approval right away. We then run a Direct Underwriting approval and you have a preliminary underwriting answer right there. This is the best you can do before finding a property.
Once you have a property, and we have all your financials, the loan is submitted to the underwriter. We will normally get an underwriting approval subject to conditions within 24 business hours. As long as those conditions are met, no incorrect information was provided by the borrower, and nothing changes in the process, the loan gets funded.