How Long Does it Take to Get a Mortgage (2024)

FAQs

How Long Does it Take to Get a Mortgage? ›

complete the mortgage approval process

From application to approval and closing, getting a mortgage can take anywhere from 30 days to 60 days. However, some home purchases can take longer, depending on factors unique to the purchase transaction and the home loan processing time.

Generally speaking, it usually takes two to six weeks to get a mortgage approved. The application process can be accelerated by going through a mortgage broker who can find you the best deals that suit your circ*mstances.

The mortgage application process can take around 30 to 60 days on average, from having your purchase agreement signed through underwriting to closing on the home.

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Don't open any new credit lines or loans, max out or miss payments on existing credit cards or make any major purchases that could impact your credit score or debt ratios. If any new credit issues arise, clear them up quickly and provide documentation to your lender as soon as possible.

How long does it take to get final approval after conditional approval? The good news is that once your loan has been conditionally approved, you're basically in the home stretch. That being said, your lender will likely need another 1–2 weeks to finalize your home loan and move forward with your closing date.

Mortgage rules are stricter than ever

This can take time. Being prequalified or preapproved for a home loan can speed things up since you've already gathered much of the income and credit information needed to confirm how much you can afford to borrow.

How long does it take for underwriters to approve a mortgage? ›

The mortgage underwriting process can take up to 60 days. The standard turnaround time to take a mortgage purchase loan from contract to funding usually takes 30 to 45 days, but most lenders will work to have the mortgage underwritten within 30 days to meet the agreed upon closing date set in the purchase contract.

Borrowers will receive either a call or an email stating that their mortgage loan has been approved. The good news will usually come from a loan officer.

You may be wondering how often underwriters denies loans? According to the mortgage data firm HSH.com, about 8% of mortgage applications are denied, though denial rates vary by location and loan type. For example, FHA loans have different requirements that may make getting the loan easier than other loan types.

If a borrower has no other debt obligations, a conforming loan for a $250,000 property with 10% down in a 7% rate environment would require a gross monthly income of approximately $3,870, factoring in a 50% debt ratio. This translates to an annual salary of around $46,450.

A mortgage preapproval can have a hard inquiry on your credit score if you end up applying for the credit. Although a preapproval may affect your credit score, it plays an important step in the home buying process and is recommended to have. The good news is that this ding on your credit score is only temporary.

If your financial situation changes between preapproval and final approval, you might be denied. For example, if you switch jobs, take on more debt or receive a negative mark on your credit report after you've been preapproved, your lender might spot a red flag and reject your application.