The loan approval process can be laborious and taxing, but waiting a week for an approval is neither unusual nor alarming. Keep in mind that most lenders have loan processors who prepare loans for underwriting (which can take over a week in many cases) before the actual underwriter even sees the loan. Even though it can be daunting, nothing sounds out of the ordinary. Your best resource is going to be your loan officer. He should be able to tell you your loan status, feel free to ask him!
Your Loan Officer, in most cases, should have already done all the proper preliminary work to assure your loan will be approved in Underwriting. Generally, they will have inputted all the details from all the paperwork requested and provided by you…into their automated underwriting software program and should have gotten an approval. If they did a very thurough job in qualifying you then Underwriting will approve your loan with or without the appraisal having been done. If the appraisal was done there may be appraisal’s conditions requested but you still should get your Underwriting approval with any conditions the Underwriter still needs before your loan is “cleared to close”. If the loan officer did an excellent job, there should be very few outstanding conditions to still obtain from you, but generally there are at least one or two.
Once conditions are signed off on your loan goes in line to have final documents drawn up and you get scheduled to sign! You are still entitled to get a good faith estimate from another lender if you have concerns. You can decide if you have more confidence in the other lender. Saving money in cost and/or in rate is always good too! Otherwise, as Ted Rood said…your best source is your loan officer. They should be reassuring you, returning calls promptly, and of course be very knowledgeable at qualifying borrowers initially, and understanding how to get loans done as fast as possible.