When you ask, what you think is a simple question, “How long does it take to close on a mortgage?” You might expect a simple answer, but in truth, that simplicity you are seeking in an answer is nearly impossible to give. There are so many determining factors that you should know about.
According to Fannie Mae, “the average closing time for a new purchase is 46 days, and 49 days for a mortgage refinance.” A common guestimation on how long it takes for a typical mortgage is around four to six weeks to close from application date.
Delays in closing are due to underwriting requirements. After your loan file is assembled by your loan officer, they submit it to a mortgage underwriter. If anything is missing, it goes right back to the loan officer. This is one of the reasons it’s important to submit every document your loan officer requests. The entire approval process will be quicker if you submit all documents requested in a timely manner.
Suggested Program: Arizona Home Plus Program
If you can’t find or don’t have any of the supporting documents that are being requested, you may be unable to close by the date listed on the contract and will need to ask the seller for more time.
How to close your mortgage on time:
If you’re planning to purchase, refinance, or are genuinely interested in learning more about mortgage rates our experienced mortgage professionals would love to sit down and discuss your needs. We look forward to hearing from you!
The Certo Team
55 N. Arizona Place Suite #103
Chandler, AZ 85225
602-429-6789