How long does it take to close on a home? This is a common question in the mortgage industry. Many home buyers are searching for answers on what they can expect during the home loan process. The answer to this question, however, depends on a few factors.
Consider where you are in the home buying process, what might cause delays, and how you can take action to get to closing on time.
Shopping and Making an Offer: How long does it take to close on a house?
If you are at the beginning and searching for the right place to get started, get pre approved. A pre-approval will save you time later down the line in the mortgage process. VRM Lending has a short pre-approval process that takes less than 48 hours in some cases, once your application and documentation is submitted. You can read more about the benefits of our loan process, by clicking here.
Once you are pre-approved, discovering the right home and getting an offer accepted can take time. In a competitive market, it could take a few weeks or months to find your home. Hopefully this article can help you build a strategy for submitting an attractive offer without having to go over budget.
The Purchase Contract: How long does it take to close on a house?
With an accepted offer, you have an official purchase agreement. Your contract should be sent to your loan officer as soon as possible to begin the mortgage application. Nevertheless, the purchase contract its self can cause delays in closing on time.
If your contract contains contingencies that involve extensive home repairs, this major delay could cost weeks or even months in some cases. The seller may also ask for extra time in the home or ask for a quick closing. Issues with the documentation of the property like the appraisal, inspection report, survey, or title have the potential to cause delays as well.
The Mortgage Process: How long does it take to close on a house?
A good rule is to estimate 30-35 days from application to closing. At VRM Lending we have the ability to close in less than a month, when there are no delays. Our aim is to help you meet your closing date and make the process as simple as possible.
The information in this article will give you some basics in understanding the question; How long does it take to close on a house? We would love to speak to you about your homeownership goals and help you close on time. Contact us today to start the conversation.