How Long Does The Mortgage Process Take?

A mortgage could take less than 30 days or it could take 60+ days. There are many factors that go into how long your mortgage will take such as:

- The type of loan you’re applying for

- The amount of the loan

- How complete your application is

- How many conditions are attached to the approval and how long it takes to clear those conditions.

In general, a good rule of thumb for a purchase is 45 days (or less). This can greatly depend on your situation though.

The first step in getting a mortgage is the application, which takes anywhere from 1 to 2 days depending on how prepared you are and how much documentation you have.

Once you've applied and provided the required documents, processing typically takes anywhere from 1 to 5 days depending on how quickly your documents come in. Processing involves verifying all of the information you submitted on your application and checking with third parties like former employers or creditors to verify that it's accurate. Processing can sometimes take even longer depending on how quickly your employer or creditor takes to respond.

Once your loan is processed, an underwriter reviews it. Underwriting usually takes 1 to 2 days. Once the Underwriter approves the loan with conditions, the onus is on your to submit the requested documentation in a timely manner. This can take anywhere from 1 to 5 days, possibly longer. It all depends on you as the client. Once all conditions have been satisfied, we receive our clear to close! Final approval typically takes a day or two.