How long does the mortgage process take?
The mortgage process can take anywhere from 2 weeks to 6 weeks, but the typical time is 3 weeks. Because of the time it can take, if you are searching for a new home, it is advantageous to pre-qualify to ensure there is plenty of time to get everything in order. If you have any special timeframe, be sure to let your loan specialist know what time constraints you have. Most of the time, your loan specialist can work with you to meet your needs.
From start to finish can vary due to certain details of the actual transaction. We typically can close your loan within a thirty (30) to forty-five (45) day time frame. Some loans can take a few months to close. These are often specialized loans such as construction loans. We have also been able to close loans in a little as one week from the date of approval.
The length of the mortgage process depends on a number of things. For example, some mortgage transactions are subject to a three-day legal “right of rescission,” which starts the day you sign the disclosure document. This legal right automatically could add three days onto your mortgage funding. Also, specific types of mortgage loans have pre-determined timeframes. The closing date on a purchase loan is determined by the escrow closing date agreed upon by the buyer and the seller or builder. Usually, purchase escrow periods range between 30 to 90 days. On refinance transactions, the process can take anywhere from 5 to 30 days depending on whether there are any special circumstances surrounding the transaction. At HomeLoanCenter.com we control the entire mortgage process in-house which means you’ll receive accurate information and faster closing times. Talk to one of our loan specialists to find out how quickly your needs can be met by HomeLoanCenter.com.
Related Questions
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