How long does the loan process take?
Some loans can be completed in as little as two weeks. The more information your lender has at the beginning of the loan process, the less time it takes to complete. After all the information has been gathered, the lender must verify what you have provided for accuracy and completeness. But remember, after all the information is gathered by the loan officer, the underwriter still has to have time to approve your loan.
• The loan process usually takes between 1 – 2 weeks. The loan program being used might also determine how long the loan takes. Depending on the difficulty of the loan, it could take up to 3-4 weeks. In certain circumstances, a loan can also be done in a day or two. What is an appraisal and how long are they good for? • An appraisal is what the lender uses to determine the value of your home for the loan. This is based on similar properties that have sold in and around your neighborhood within the last year. Appraisals are usually good for 6 months depending on the lender being used. How much are closing costs? • Closing costs are determined by the loan program being used. Some loan programs are more costly than others and are mostly based on credit scores. What is all included in my mortgage payment? • Depending on what type of loan program is done, your payment usually is principle and interest.
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