How long does the loan process take?
The number of days from application to closing can vary from a few days to 45 or more days, depending on a number of factors. Some of the factors are loan type, whether an appraisal is needed and title clearance. Time delays also occur if outside sources or the borrowers don’t provide documents to the lender promptly. Nationwide Advantage Mortgage can generally close a loan within 25 days, although there are occasions when we can close a loan within a week.
On average it takes 30 days to close a mortgage loan. This of course may vary depending on the type of loan and the scenario behind the loan. For example a construction loan or a FHA loan can take about 45 days to close where as a conventional loan could close in 2 weeks depending on the scenario.
The number of days from application to closing can vary from just a few days to 45 or more days, depending on a number of factors. Some of the factors include: loan type, whether an appraisal is needed, and title clearance. Time delays also occur if outside sources or the borrowers do not promptly provide documents to the lender.
Typically the mortgage process from application to commitment takes about 30 days. This is not to say that a preliminary approval cannot come to us within days. However, the full process that considers all the supporting documentation including the appraisal report and results in a firm commitment from a lender without lots of conditions takes longer. We always operate at Valley Mortgage with a sense of urgency in moving the process forward on your behalf to resolve the mortgage contingency as quickly as possible. Often we are finished with the application process well before the closing date anticipated by the parties.
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