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How long does it take these days for the mortgage to close?

How many days ? by SimiNiloo from Thousand Oaks, California. Jul 26th 2013 Reply


Adrielle Edwards (AdrielleEdwards)
#902 ranked lender in California - 96 contributions

Like the others have said, it depends. Some can do 21 days which is very fast and other go up to 45 days. It depends on a lot of factors of course. If, for example, it is a purchase with a 21 day escrow, the loan will have to move more quickly but this is dependent on the borrower getting everything completed and back to their loan officer right away. If the loan is a refinance it will likely take longer as their is not the urgency of a closing date.

Jul 26th 2013
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Stacey Nielsen (Unitywestlending)
#909 ranked lender in California - 123 contributions

May I suggest this link. This is a great article that answers your question thoroughly. At the end of the day you should have your answer and then some. Good luck my friend.http://themortgagereports.com/10803/how-long-does-it-take-to-close-a-mortgage

Jul 30th 2013
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Simi,General answer is : Purchase - 30 days Refinance - 45 daysA lot of this is dependent on the borrower, meaning how quickly they respond to items required/requested to complete the loan, such as: Tax returns, pay stubs, W-2's, letters - if needed, etc. etc.

Jul 26th 2013
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Jason Vondrak (jvondrak)
#220 ranked lender in California - 1,741 contributions

It all depends. It depends on how quickly you as a borrower turn in the requested documentation and it also depends on the complexity of your file. It also depends on the lender that you are working with. Currently, the average time ranges from about 20 to 45 days.

Jul 26th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Depends. Correspondent lenders can close in only 8 days, which is what I do, but banks and brokers can take 30-45 days.

Jul 26th 2013
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Elden Lewis (elewis_409_299)
#41 ranked lender in Indiana - 223 contributions

In a perfect world and what I would call a slam dunk borrower it is possible to close in as little as 7 days. But, we all know we don't live in a perfect world and there are not that many slam dunk borrowers. The average time is somewhere between 15 and 30 days and that depends on the complexities of the borrower and the property.

Jul 26th 2013
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Steven Cook (stcookmortgage@gmail.com)
#37 ranked lender in Washington - 256 contributions

As noted, there are so many variables. If it is a short sale it can take months. The numbers provided are good averages, but there are refinancesthat can take two-three months, and purchases that may take 45-60 days. Part of it will depend on how thorough the loan officer is in getting thedocumentation required, and how quickly the buyer/refinancer are in getting additional documents back into the loan officer/processor. Best way tofind out for your particular situation, would be to talk to a local, licensed mortgage professional, and let him work with you to determine what thetime frame is likely to be with your conditions.

Jul 26th 2013
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William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

Trick Question.. Every single scenario is different.. Are you refinancing?? if so, is your current loan FHA, VA, USDA, conventional?? Each one has different time frames.. Are you using HARP to refinance?? if you are using HARP, what is your loan to value (LTV)... the lenders offering unlimited LTV can take up to 3 months to close.. Are you purchasing?? If so, is it a new build? So many factors that play into how soon a loan can close, there is no average... Some lenders say they can close in 8 to 10 days (lie, lie, lie!!)... It takes 7 days just to get an appraisal.. And there are mandatory waiting period's necessary before a loan can close... In general.. If your purchasing a home already built, you can close inside of 30 days.. If your refinancing, depending on your loan product being used, it could be 3 weeks to 3 months.. 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. 480-287-5714 WilliamAcres.com

Jul 26th 2013
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Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions

Normally, 30 to 45 days.

Jul 26th 2013
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Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions

If everything goes smooth, around two week. Most don't go super smooth, so realistically figure about 4 weeks.

Jul 26th 2013
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Pete Bass (PeteBass)
#30 ranked lender in Connecticut - 476 contributions

Depends on the loan and lender you are using....typically Community Banks and correspondent lenders tend to have quicker turn times to close.

Jul 26th 2013
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Samantha Taylor (samantha)
#368 ranked lender in California - 29 contributions

If everything goes fine and if you meet all the required criteria of the lender, then it will take around 45 days to complete the mortgage closing. Also, rate locks are mainly available for 45 days. So, it will be better if you can take all the required steps to complete the mortgage closing within 45 days.

Jul 29th 2013
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Depends on the bank or financial institution and as well as the mortgage professional but here at BofA, we have closed purchase loans as quickly as 21 days.

Jul 26th 2013
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