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how long does the mortgage closing process take?

for a conventional loan by hazeleyes89516 from El Paso, Texas. Jun 16th 2015 Reply


Mary Papageorge (MaryPapageorge)
#95 ranked lender in Texas - 43 contributions

Most loans take an average of 30 days to close; however, I have closed in as little as 7 days. That would be a perfect file with all requested documents in the file, ordering an appraisal right away, and using a survey already in existence the seller has. Each file is different because sometimes appraisal on the new property can be an issue, or there could be title issues. The perfect loan - 7 to 10 days. I lend all over the state of Texas, so please call me at 713-569-0025 should you wish to go into further details. Thanks! Mary Papageorge

Jun 16th 2015
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Brad Cahoone (info@globalhomefinance.com)
#91 ranked lender in Texas - 1,041 contributions

Hello Hazel eyes. There are many factors that go into the amount of time that it takes to close a loan. Most loans can close in 3 weeks to 30 days right now. Some can take longer due to title, appraisal, lack of documentation, credit items that need additional documentation, 4506T results, etc. If your existing lender is a large servicer then it can take months. They have been backed up with requests since the new year with low rates. Now that rates have gone up a little they may be able to get to yours. The only issue is the rate lock could expire. Make sure you keep that locked and that they extend it. If they are not getting the job done then may I suggest calling a mortgage broker or banker that operates in Texas. I hope this helps and you get what you need done for yourself soon. Brad Cahoone - NMLS ID 184176 - Global Home Finance Inc. - NMLS ID 316441- bcahoone@globalhomefinanceinc.com - 972-724-3222x227

Jun 16th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Really there is no "Average".. we can estimate that for a purchase contract, it should be able to close inside of 30 days, but there are so many things that can pop up which would delay this time line, it's near impossible to say for sure.. and be weary of anyone saying they can do it less that that, you would be setting yourself up for disappointment.. Appraisals are taking 7 to 10 days, if there is an appraisal deficiency or correction that needs to be made, it can add another few days.. . 4506T results are taking 5 to 7 days, if after your inspection you find problems with the property you wish the seller to correct, then that can add to your time line since you might not want to continue until the seller commits to doing repairs.. this and a hundred other things can pop up which will delay your closing.. we run a really tight ship here at Velocity, and 9 out of every 10 files have problems, and 3 out of every 10 go past the 30 day mark.. every file is different, and lending guidelines and underwriters have gotten out of control.. you should expect the worse, and hope for the best.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jun 16th 2015
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Joel Lobb (kentuckyloan)
#3 ranked lender in Kentucky - 192 contributions

In Kentucky it is taking on average 20-35 business days. Good luck

Jun 16th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,446 contributions

Most lenders will tell you about 30-days. You can usually make it on the faster side if you supply your lender will all requested documentation in a timely fashion.

Jun 16th 2015
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Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 contributions

There are many factors that will cause the process to take longer or shorter amounts of time. The biggest two are how quickly can you get your needs list items to the processor for submission to underwriting and appraisal turn times. That being said most people ask for 30-45 days currently, that will all change August 1st

Jun 16th 2015
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