How long does the mortgage process usually take?
The length of time the mortgage process takes from start to finish varies with the complexity and details of your transaction. The typical time frame is usually within 30 days. On purchases, a conditional loan approval (viewed as a loan commitment by a seller or realtor) can be generated within 7- 10 business days once your application is taken or received. Keep in mind that refinance transactions have a mandatory 3 day Rescission or cooling off period. What this means is you sign on day 1, have a three day period to reconsider (days 2 through 4) and then fund on day 5. Saturday is considered a Rescission day (though you cannot fund on a Saturday). Some loans can take a few months to close, such as construction loans (though we have had the loan approved in as little as a week). This is due to all the required permits needed which can take a long time to obtain.
It can vary, depending on several different factors. Certain types of loans have specific timeframes depending on the escrow closing date, although most will range from 30 to 90 days. Refinance timeframes can be anywhere from 5 to 30 days, depending on if there are any special circumstances involved in the process.
The length of time the mortgage process takes from start to finish varies with the complexity and details of your transaction. The typical time frame is usually within 30 days. On purchases, a conditional loan approval (viewed as a loan commitment by a seller or realtor) can be generated the same day your application is taken or received by me. Keep in mind that refinance transactions have a mandatory 3 day Rescission or cooling off period. What this means is you sign on day 1, have a three day period to reconsider (days 2 through 4) and then fund on day 5. Saturday is considered a Rescission day (though you cannot fund on a Saturday). Some loans can take a few months to close, such as construction loans (though I have had the loan approved in as little as a week). This is due to all the required permits needed which can take a long time to obtain.
Related Questions
- I currently have a construction loan in process and I have submitted a draw request, or am about to submit a draw request. What is going to happen to my request?
- Should a home owner continue to make mortgage payments on this loan during the loss mitigation process?
- How long does the mortgage process usually take?
