How long does the mortgage process take to purchase a home?

The best way to expedite the home buying process is to be organized and prepared. Talk in advance to your mortgage loan originator about what documents you will need to provide. Getting pre-approved will not only alleviate the stress of wondering if you will be approved, but will also get the process moving faster. Your REALTOR® will require at least a pre-qualification before showing you properties and being pre-approved will help a seller consider you as a serious candidate. After you find your home and negotiate a sales contract, you will get the tests required in the contract performed and review the results with your REALTOR®. Any re-negotiating to address test results will then be done through your REALTOR®. Meanwhile, your lender will get a copy of your sales contract and order an appraisal. When the appraisal and any additional information are received, the loan will be underwritten and approved. You will receive a Commitment Letter that will outline any closing conditions and instruct you to schedule the closing with the attorney. This entire process can take 4 to 6 weeks.

Posted in: The Home Buying Process