Chris Gummerson (cgummerson11)
#8 ranked lender in California - 497 contributions
It depends on your state and the lender/bank you choose. Large banks such as Wells, BofA and Chase, are about 30-60 days. Generally more toward the 60 day mark. If you choose a direct lender (mortgage banker, that is not a depository institution) you can expect, with no hidden suprises, to fund in 30 days or less. If you have all your ducks in a row, purchase contract completed, all your docs, appraisal, ect, then you can close sooner. One of the biggest delays is the escrow and title companies, which drag and drag. Usually the seller will opt to use their choice of escrow, which can be a delay. Are you already pre-approved for the loan? What state are you looking to purchase?