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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.
Lenders are in charge of setting their own guidelines in reference to how long a pre-approval is valid. Some lenders will set a guideline of 45 days, while others will go as long as 90 days.However, should a pre-approval letter expire because the borrower hasn't found the right house, he can obtain a new pre-approval letter once the lender has re-verified his income, debt and credit situation.re-approval letters will range based on the type of the loan that the consumer selects. However, pre-approval letters can be issued for multiple types of qualifying loans. When a consumer is pre-approved for a conventional loan, for example, she could also be dually qualified for a FHA loan.