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How Long Does It Take to Get a Mortgage?

April 21, 2022

The amount of time it takes to get a mortgage graphic

For a purchase, Homestead Financial Mortgage can close in 14 days and 30 days for a refinance. Most other lenders take 30 to 45 days for purchase and 60 days for a refinance.

Here are the six basic steps to getting a mortgage.

  1. Gather documents
  2. Select lender
  3. Fill out application
  4. Find home & get inspections
  5. Send file to underwriting & answer questions
  6. Sign papers and close the loan

#1 Common Financial Documents Needed

Being organized as a borrower makes a HUGE difference in how fast your loan goes. Here are the basic documents you’ll need to have ready to upload to your lender:

  • Bank Statements
  • Current Paystubs
  • ID’S
  • Tax Returns w/ Schedules – 2 Years
  • W-2s – Last 2 years
  • Homeowner’s Insurance Policy (if refinancing)
  • Mortgage Statement (if refinancing)

#2 Select a Lender

This is a critical step. You want to make sure the lender –

  • Has excellent reviews – check Zillow reviews
  • Is available ­– you need someone who answers your calls and emails promptly.
  • Has excellent rates ­– for your loan type whether FHA, conventional or VA.
  • Has reasonable fees ­– as you’re comparing rates, compare the lender fees.
  • Is an in-house lender ­– They do every step of the loan themselves. They don’t send it out to a third party like mortgage brokers do, so they have total control.

#3 Fill Out the Application

Select a lender that has an easy-to-use digital platform. That way, you can fill out the paperwork and upload any needed documents from the comfort of your home.

#4 Find Your Home & Get Inspections

According to Zillow, it takes an average of 4.5 months to find a home. Once you find your home, you’ll need an inspection and appraisal, which can take a few weeks.

#5 Send to Underwriting & Answer Questions

Once you’ve turned in all of your documents – a good lender can get your file to underwriting within a week. A not-so-great lender will take ten days to two weeks, and you might not close on time. If the underwriter has any questions, answer them quickly.

#6 Close the Loan

A big advantage of an in-house lender is that it has its own closing department, so your loan moves seamlessly from underwriting to closing.

So, as you can see, how long it takes to get a mortgage depends on YOU and the LENDER you choose. Choose wisely.

Homestead Financial Mortgage is a top mortgage lender for homebuyers looking to refinance or purchase a home. Our low-interest home loans are some of the best in the states we serve. We service Arkansas, Colorado, Florida, Illinois, Indiana, Kansas, Missouri, Ohio, Tennessee, and Texas. Contact us today to learn more about the home loan products we offer that are right for you.

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- CEO, Jayson Hardie on Growth

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