How Long Does It Take to Get A Mortgage

In 2017 we live in a world where we have instant information at our fingertips, and are baffled when processes become slow.  We can click and tap to articles, restaurants, sport casts; we even have next day delivery on amazon packages. When it comes to getting a mortgage the process is not as fast. It's much slower than you may have originally thought.

The mortgage process is quite involved, especially concerning the legal documents. There are several moving pieces in the process and just one hangup can slow it down tremendously.

How long does it take to get a mortgage?

The mortgage process takes an average of 45 days, and can be as long as 60. With all the moving parts, it begins with getting pre-approved. Next is a home appraisal, and then obtaining the actual loan.  If you had any financial trouble in the past the lender will mercilessly inspect it and slow you down enough to put you behind schedule.

Start the mortgage process as soon as possible

It is not advised to begin the process once you find your perfect home. The time to begin is the moment you think you want to buy a piece of property.

Most sellers will require the buyer get pre-approved for a mortgage even before they consider their offer. The lender will need to check your credit score, debt to income ratio, and plenty more of your Financial information. Some people have steady income, where others have seasonal, and depending on your situation the process can take anywhere from one week to several months.

When you finally get approved, the lender won't tell you how much of a loan you're getting and then you can begin shopping for a new home.

One important thing to do before you even get started on your pre-approval process, he's figure out which mortgage rates and winters are right for you. Most lenders offer different terms and conditions. 

After you find a home there's a couple more steps. Even after your offer is excepted you still have to apply for the actual mortgage loan and make it through the appraisal process. Also you should know the lender who pre-approved you for your loan may not be the same lender to give you your loan. After that there is an appraisal. The appraisal is must be scheduled, and they are sometimes difficult to get booked on short notice.

Next is the underwriting process, in which an underwriter double and triple checks your financial information to make sure there are no mistakes. After this term is closing where you'll receive the final loan.

Problems that could slow down the process

Prepare yourself for problems along the way. Problems that may arise our appraisal delays, tax transcript verifications from the IRS, and employers returning verifications of employment. The most common delay is self-imposed, by not turning your paperwork in on time.

The best thing you can do for yourself is to be ready to fill out and turn in paperwork as quickly and accurately as you can. 

What might happen if your mortgage is not ready by the scheduled closing date? You'll just have to move the closing date back. At that point the borrower is likely to take on extension fees.

At the end of the day there's not a definite number of the time it takes to get a mortgage. It just all depends on several factors, including your life's situation, your financial standing ground, and some good luck. Now is the time to start if you want to buy a home in the near future.

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