Credit-based insurance scores (discussed in detail below) are based on information in your credit report. The first thing you should know is that if GEICO does obtain a credit-based insurance score as part of calculating your insurance quote, the inquiry is labeled as being from the insurance company.
So how long does it take to clear underwriting and close the deal? An FHA loan can stay in the underwriting stage anywhere from two to six weeks, depending on how many issues come up. If you get a superstar underwriter, your file might clear his desk in a week or less.
Full mortgage approval can take anywhere from one to five weeks, depending on how complete and organized your paperwork is when submitted to the bank.However, our countryâs economic crisis has resulted in tightened lending guidelines and longer processing and approval time-lines for all loans including VA mortgages.