How long does it take to close on a house?
The average time to close on a house is currently around 40 days.
Factors such as your loan type, your financial situation, and the length of your contract can either lengthen or shorten that time frame.
Why does it take so long to close a mortgage?
Mortgages tend to take at least 30 days to originate, and many first-timers don’t expect this much of a waiting period.
The short answer is that a lot of things need to happen between you submitting your mortgage application and you taking ownership of your home.
Just to name a few: You’ll need to gather documentation for your lender (and they’ll always come back and ask for more, believe me); you’ll want to schedule and complete a home inspection; the seller may need time to complete repairs; and the loan needs to make its way through underwriting.
It’s a lengthy process. I’ve bought three homes in my life, and I can tell you firsthand that it’s a lot to get done, even within a 30-day window.
What happens at closing?
When you close, that new house and mortgage are officially yours. At the closing, you’ll sit down with the professionals involved in your real estate transaction and sign all the legal documents needed to give you ownership of your new place. That’s pretty exciting!
You’ll also be responsible for paying closing costs as part of the closing process. Closing costs are typically 3–4% of your home’s purchase price.
You’ll receive a Closing Disclosure three days before closing so you know exactly what you can expect.
What is an escrow account, and how does it work?
A pre qualification is a basic review of your finances to determine if you would qualify for a mortgage.
In general, a pre qualification is based on unverified information you provide and does not include a credit check or any documentation, and is therefore not a firm guarantee of a loan.
1
Qualifying
Most people are intimidated by the mortgage process. This section answer questions like:
- How to Qualify
- Credit Requirements
- Documents
2
Loan Types
There are many different types and terms for loans. This section covers the most popular options.
- Fixed Rate or Adjustable?
- 15 Year or 30 Year?
- Mortgage Points
3
Costs
How much does the home buying process cost? This section covers information like:
- Down Payment
- Closing Costs
- How Much to Save
4
Payments
How much can you expect to pay on your mortgage? This section covers loan management.
- How Much Can I Afford?
- Mortgage Payments
- Do Payments Change?
5
Timeline
How long does the whole process take? This page details answers to questions like:
- Average Timeline
- What happens At Closing
- Why It Takes Time
6
Getting Started
The best way to get started is to fill out a pre qualification form, that way we can help you 1 on 1 for your situation.