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How long does underwriting take?

We are purchasing a home for $180.000 and paying all cash. How long does the underwriting process take usually? Is it any faster with a cash offer? by allysmon77720 from Bath, New Hampshire. Sep 2nd 2015 Reply


Joseph Afonso (jafonso)
#64 ranked lender in Arizona - 195 contributions

The fact that you are paying cash for the property there would not be any underwriting involved. It will depend on how quick the seller and Title company / Attorney's office will be able to get this transaction closed.

Sep 2nd 2015
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Great answer jafonso. There is NO underwriting when you're not getting a mortgage.

Sep 2nd 2015
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Mel Smith (Voted.Best.Rates.and.Service)
#1 ranked lender in New York - 366 contributions

Unless you are obtaining a Mortgage, there shouldn't be an Underwriter involved.Mel Smith845-290-3319

Sep 2nd 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,927 contributions

I think what you mean is "closing" not underwriting.. underwriting is when someone borrows money from a lender and the lender is doing their internal processes to determine if the borrower is eligible or not.. But in your scenario, your not borrowing any money, so there is no underwriting involved.. it's just how long will it take for YOU to close.. if you stated on your offer contract that you are going to close in 30 days, then that's how much time you have to close.. 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 NMLS# 226347

Sep 2nd 2015
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Mark Hemingway (SFSLend)
#1 ranked lender in Colorado - 567 contributions

Every lender is different with their turn times. I am typically seeing anywhere from 24 hours (only a few lenders are that fast) to a more typical 3 business days to underwrite. I have seen it as long as 6 business days for some lenders. But some lenders give purchases priority in their pipeline of loan submissions. If you did a cash offer then there would be no lender and therefore much faster. But be careful doing a cash offer. If you want to later repay yourself by doing a cash out loan you can got to 60% without it affecting your rate too much but if you go much higher in loan to value then the rate would be higher than if go thru the process now as a purchase. Plus if you consider what may happen with rates throughout rest of year (depending on who you listen to or what you read), rates may gradually start to increase.

Sep 2nd 2015
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