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.
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.