You’ve found the home of your dreams and are ready to make an offer, but you’re wondering, “How quickly can I get a mortgage? Will I potentially lose this great home because of a lengthy mortgage process?”
Of all the questions buyers have about purchasing a home, questions about getting a mortgage in a timely manner top the list. After all, when you’ve fallen in love with a home, the thought of losing it because of paperwork can be overwhelming. Fortunately, you can get a mortgage relatively quickly.
The Facts about the Mortgage Timeline
In a perfect world, getting a mortgage can be relatively fast – approximately 30 days. Unfortunately, we don’t always live in a perfect world. Getting a mortgage finalized involves many different factors and companies. There’s documentation that you, the borrower, must supply; verification of data that needs to occur; and appraisals and inspections to schedule. There are also many people to coordinate, including the loan officer, an underwriter, a processor, an appraiser, a title company, an escrow company, an insurance company, a home inspector, and many more. It’s no easy feat!
Because delays can happen and certain things just take time, it’s not uncommon for the process to take up to 45 to 60 days from start to finish.
Before you get alarmed, remember that this is just an average. Some mortgages close faster, and some close slower. Every loan and borrower situation are different. Because so many factors are involved, you should schedule some buffer time into your timeline, just in case. Also realize that sellers know it takes time to get a mortgage. (Your seller is probably going through the same process as you for their new home.) They don’t expect you to close in 30 days or less, unless it’s a cash purchase.
Control Your Mortgage Timeline
The best advice to get a mortgage in a timely manner is to be patient and cooperative. If your lender asks for some additional documentation, provide it quickly to help keep everything moving. Before you know it, you’ll be at the closing table, finalizing the purchase of your new home.
Whether you’re applying for a mortgage or wanting to sell your home, you can find many great real estate tips on our Facebook page. If you’re thinking about buying or selling a home, we can help! Contact us today!