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How Long Does It Take To Close A Mortgage Loan?

By Kevin Landis

The buyer’s lender really determines how long the process to close a mortgage loan takes when purchasing a home.

Preapproval

First the buyer needs to verify some items of information before the loan process starts with the loan company. When the lender verifies the credit report, bank account, and the borrower’s length of employment, he is verified as preapproved. This brings the borrower a step closer to closing on the home mortgage loan. Underwriters can then verify your paperwork, check the appraisal, and you may be able to close in a week or two.

Purchase Offer

First thing the buyer needs to do after preapproval is to get the purchase offer accepted by the seller. Then buyer and seller can agree on a closing date. How long it takes to close a mortgage loan will still reside with the lender and how soon he can process the closing documents by getting underwriter approval.

The Closing Process

All the terms and conditions of the purchase contract must be met before things can proceed forward. This may involve who pays for closing, what remains in the house, or who fixes what before you move in. Closing agents may be real estate attorney, an escrow officer, the title company or a certified closer. If all conditions are met then you can move to close on the mortgage loan. The seller then deposits the deed with the real estate lawyer and the down payment deposit from the buyer is made to the attorney’s escrow account.

Conclusion

If you have a FHA federal related home loan they can close in as little as 30 days. If you are in a first time home buyers program and need help with the down payment to close on the mortgage loan it could take up to 45 days. Two underwriters may be involved in this approval process. Any documents missing from the files will delay the closing event. Bottom line is have all your ducks in a row and you should be good to go if the lender sees fit to do his job thoroughly.

Related posts:

1. What Does Escrow Entail On A Home Mortgage Loan?
2. What Happens If My Mortgage Loan Does Not Close Before My Lock Expiration Date?
3. What If Mortgage Interest Rates Change Before I Close On My Home?
4. What Is Mortgage Funding?
5. How Long Does A Mortgage Pre-Approval Last?