The time it takes to close a mortgage loan varies with the type of mortgage, buyer/homeowner situations, and lender processing efficiency. According to Fannie Mae the average closing time for a new purchase is 46 days, and 49 days for a mortgage refinance. A good rule of thumb, however, is to assume that a typical mortgage loan will take around four to six weeks to close from application date.
Delays in closing are due to underwriting requirements. When a loan officer puts your loan file together they have to submit it to a mortgage underwriter. If anything is missing the loan application is kicked back to the loan officer to gather the missing information.