When you need a mortgage, there is almost always a sense of urgency. As human beings, we have no patience for the process. We’re talking about massive investments, so it’s natural to feel stress until the experience is over.
Speaking of massive investments, don’t forget about the lender’s perspective! Mortgages can be risky propositions for lenders. It’s in their best interest to take things slowly so they don’t lose money over time.
So, how long does it take to get a mortgage or refinance your home loan? This is one of the most common questions we hear at MortgageDepot. While every situation is different, today we’re going to give you a basic overview of mortgage timelines.
How Long Does the Mortgage Process Take?
The short answer to this question is somewhere between 30 and 45 days. If the real estate market is slow or the lender is unusually fast at mortgage approvals, it might take less time. If this happens, consider it a pleasant surprise. To minimize uncertainty, we suggest setting your sights on that 45-day mark.
What Happened to 24-Hour Approvals?
Before the mortgage crisis that occurred around 2008, speedy mortgage approvals were common. Some buyers were eligible for a conditional approval within 24 hours! Mortgages go through a more intense process these days, but the good news is that your approval probably won’t come with as many conditions attached.
Why Does It Take So Long To Get a Mortgage?
Have you ever tried to get a group of people together to go out to dinner, only to find that the first day everyone has available is several weeks away? The mortgage approval process is similar! While they might not need to be in the same room at the same time, here is a list of people who need to coordinate to approve your mortgage:
- Underwriter
- Processor
- Title company
- Appraiser
- Insurance company
A Word About Refinancing
Refinancing replaces your old mortgage with a new one that (hopefully) has more attractive terms. Since it’s a mortgage, it still needs to go through an approval process and is subject to a similar timeline as a new mortgage.
Contact Us Today!
If you are eager to get the mortgage process underway, we can help! Contact us today to learn more about the factors that affect your mortgage timeline.
Connect with one of our loan consultants to learn more.
