How Long Does It Take to Close on a Mortgage?

how long does a bankruptcy discharge take

by William Pirraglia

Obtain your new house keys in four to six weeks.

Completed Application

The key to estimating a closing date is the day your application is complete. Simply submitting a mortgage application (Form 1003) is insufficient. When you submit an application, be sure it is accompanied with income verification -- at least two recent pay stubs and the past two years' W-2s or 1099s -- along with any other documentation your lender requests. Often, they'll want bank statements -- up to six months -- from your primary financial institutions, proof of down payment cash, purchase agreement, and a letter of explanation (LOE) for any negative entries on your credit report.

Conventional Mortgage

Any loan not given by or insured by the U.S. government is a conventional mortgage. These mortgages typically take from three to four weeks for an easy refinance loan to six weeks for a "purchase without problems" loan. Your mortgage lender need only to order and analyze your credit report, receive a completed appraisal

(without valuation problems) and verify your down payment funds to issue a firm approval. This may only take one to two weeks. After you accept the loan, the lender sends your file to a closing agent, which may be an attorney, escrow or title company, to search the title and prepare closing documents, which include notes, deeds and disclosures.

FHA Mortgage

VA Mortgage

Trending in Your Area

How to Get Plunger Marks Off a Toilet

Getting plunger marks off a toilet will require you to.

  • How to Replace a Flush Valve Assembly on a.

    Replacing a flush valve assembly on a toilet is.

  • How to Unclog a Toilet With Boiling Water

    Unclogging a toilet with boiling water is a relatively.

    How Much Value Would an In-Law Apartment Add.

    A mother-in-law apartment is a separate living space.

    Source: homeguides.sfgate.com

    Category: Bank

    Similar articles: