How Long Does It Take to Get a Mortgage?
So how long does it take to get a mortgage? From shopping for homes to closing on a mortgage, the amount of time spent on the loan process is going to depend on a number of things: first of all, it’s going to depend on how long it takes you to find a house you would like to call home. Second, how fast you can secure a mortgage is going to depend on how long it takes the lender/broker to handle things on their end. And finally, the length of time needed to approve your loan application is also going to factor into how quickly you can expect to get a mortgage.
If you consider house-shopping as part of the loan process, you’ll want to take several months or even years into account. When it comes to choosing a house, you want to do your homework; you want to be thorough. Plan on taking plenty of time to consider factors like the style of the house, the size, it’s location, the state of the neighborhood, the quality of schools (if you have children), and anything else you consider important or relevant to the process.
Once you’ve chosen a place, you should also research the different mortgage lenders available to you. Compare price quotes from multiple companies. Consider down-payments and loan sizes. Schedule interviews with trusted professionals who can help you find and take advantage of the lowest housing rates.
How Long Does It Take to Apply for a Mortgage?
The length of the application process can depend on how organized you are with your personal information. You’ll need to provide prospective lenders with proof of income and employment, a list of assets, credit reports, details concerning the property you want to buy, and of course, personal identification and information. With all the required documents on hand, filling out the actual application should only take a couple hours at the most.
You may also want to get pre-qualified. This is sort of like getting pre-approved, but it gives lenders a quick feel for your finances, and it gives you an idea of what you can afford. Getting pre-qualified usually takes three days. Getting pre-approved, on the other hand, can take 7 to 60 days. This process can be complicated and lengthened by factors such as investment properties, bankruptcy, or divorce.
How Long Does a Mortgage Approval Take?
The actual loan approval process can typically take anywhere between 4 and 40 days. This happens after you’ve made an official offer on a property, and it depends a lot on how organized you and your lender are. The approval process also involves an appraisal of the home, which can take up to two weeks to schedule. Depending on the condition of the home, the appraisal process can be quick or drawn out.
The best way to expedite the loan approval process is to be organized: have all required documentation ready whenever it’s needed. Get them to where they need to be in a timely manner; make sure no one is waiting on you to get your end of the job done. Unfortunately, you don’t have total control over the speed of the entire process, but you can be efficient when it comes to your duties. Facilitate constant, clear communication between you, the lender, and the seller. Catch and resolve any little snags before they become big problems. And do your research beforehand to avoid surprises or unexpected complications! In short, be prepared.