How Long Does It Take to Get a Mortgage? Your Questions Answered

One of the most common questions people have during the home buying process is, how long does it take to get a mortgage? While the answer to this question varies depending on many things, it can be helpful for would-be homeowners to get a better idea of how long the mortgage process will take before they begin shopping.

How Long Does It Take to Get a Mortgage?

So you’ve found a home you love. You’ve done a walk-through with the realtor and you want to move on the process immediately. The only problem is that you have not yet been pre-approved for a mortgage. Oh no! Now you’re wondering how long the process will take.

While the time a mortgage takes to get approved will vary for all homeowners, it’s safe to bet that the mortgage process won’t be finished overnight. Between filling out the paperwork, gathering the needed information, and meeting with a mortgage loan broker, getting a mortgage is generally a few day or week-long process. Here’s a breakdown of the time that goes into getting a mortgage:

Shopping for the Right Lender

One of the most time-consuming aspects of getting a mortgage is shopping for mortgage loan brokers. Local banks, credit unions, and online mortgage lenders will all likely quote you different rates, and it’s smart to shop around before you commit to any one thing. This typically takes anywhere from a few days to a week, and it’s a process you’re wise not to rush if you want the best rate.

Getting Pre-Approved

Once you’ve shopped around for lenders, the next thing you’ll want to do is get pre-approved for a mortgage. Luckily, this is one of the quickest steps of the whole process.

Once you find the lender you like, you’ll need a pre-approval letter to present to the seller of the home. Typically, lenders can give you a rough pre-approval letter based on your verbal reporting of income, debt, and down payments. Keep in mind, though, that this rough estimate may not be very accurate, and it’s worth it to bring documentation with you to secure a more accurate estimate.

Get Your Final Loan

The final loan approval is the most time-consuming aspect of the entire loan process. To get the final loan granted and start signing papers, you’ll need to do things like schedule a home appraiser to evaluate the property and wait for the approval or rejection of the loan. As a general rule, this process takes anywhere from a few days to a few weeks.

Take the Time to Prepare for Your Mortgage

While getting approved for a mortgage is seldom a quick process, buyers who are prepared for the amount of time it will take are better able to plan their home purchasing efforts. By understanding that mortgages don’t happen overnight, buyers can prepare themselves to come into a sale with a mortgage in hand when the dream house presents itself.