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Buying a home is exciting, but waiting for mortgage approval? Not so much. So, how long does it take to get approved for a mortgage?
On average, mortgage approval takes 30 to 60 days, but that timeline isn’t set in stone. Your finances, lender, and even the housing market all influence how fast (or slow) things move.
In this guide, we’ll explain what happens at each step, how to speed things up and answer common mortgage questions about how long it takes to get approved for a mortgage.
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Step 1: Get Preapproved (1–5 Days)
Before shopping for a home, you should get preapproved for a mortgage.
Preapproval gives you a clear idea of your budget—how much the lender will let you borrow— and shows sellers you’re a serious buyer.
To get preapproved, you’ll provide a lender with:
- Recent pay stubs or proof of income
- W-2 forms and tax returns from the last two years
- Bank statements
- Your credit history
Some lenders can process a preapproval in as little as 24 hours, while others may take up to five days. Having all your documents ready will help speed up the process.
Step 2: Find a Home and Make an Offer (Varies)
Finding the right home can take weeks or even months, depending on the market and your specific needs.
Once you find a property, you’ll work with your real estate agent to submit an offer.
The seller usually responds within a few days, accepting, rejecting, or negotiating the offer.
Once your offer is accepted, things start moving quickly.
Step 3: Apply for a Mortgage (1–7 Days)
After your offer is accepted, it’s time to formally apply for your mortgage.
If you were preapproved, this step is straightforward—your lender will update your application with the details of the home you’re buying.
You’ll likely need to submit:
- An updated financial statement
- The signed purchase agreement
- Additional documentation requested by your lender
Once submitted, your loan moves into the underwriting stage.
Step 4: Loan Processing and Underwriting (30–45 Days)
This is where the real waiting begins.
Underwriters review your financials, verify your employment, and ensure you meet the lender’s guidelines. They’ll also look at the home to ensure it meets the lender’s standards.
During this time, three key steps happen:
- Home Appraisal (1–2 Weeks): The lender orders a home appraisal to confirm the home’s market value. If the appraisal is lower than expected, negotiations may be necessary.
- Home Inspection (3–10 Days): While lenders do not require home inspections, they help identify issues with the property. If repairs are needed, they may extend your timeline.
- Title Search (1–2 Weeks): A title company checks for any legal issues with the property, like outstanding liens or ownership disputes.
The underwriting process may involve requests for additional documents, so be sure to respond quickly to keep things on track.
Step 5: Final Loan Approval and Closing (7–14 Days)
Once underwriting is complete, you’ll receive a Closing Disclosure outlining your loan terms and final closing costs. You must review and sign this at least three business days before closing.
At closing, the homebuyers will:
- Sign all necessary paperwork
- Pay down payment and closing costs
- Receive the keys to your new home!
How to Speed Up the Mortgage Process
- Get pre-approved before house hunting: This reduces delays when you’re ready to buy by giving the lender all your information before officially applying.
- Stay organized: Keep your financial documents handy and respond to lender requests quickly.
- Avoid significant financial changes: Do not open new credit accounts, change employment, or make major purchases before closing.
What Else Can Impact Your Mortgage Timeline?
While the steps outlined above give a general timeline for getting a mortgage, several factors can speed up or slow down the process.
Below are some additional things to consider.
Market Conditions: How Demand Affects Mortgage Approvals
The real estate market significantly influences the length of the mortgage process.
Lenders may receive a high volume of applications in a competitive market (often called a seller’s market), leading to delays.
Conversely, lenders may process applications more quickly in a buyer’s market, where demand is lower.
Additionally, if you’re buying in a high-demand area, you might have to move faster with your paperwork to stay ahead of competing buyers.
Adapt to various conditions by:
- Preparing for lender delays during peak home-buying seasons
- Choosing a lender with a reputation for quick processing
- Working closely with your real estate agent to stay ahead of the market
Mortgage Rate Locks: When to Secure Your Interest Rate
Mortgage interest rates fluctuate daily.
If you’re worried about rates increasing before your loan is finalized, you may choose to lock in your rate.
What you should know about locking in your rate:
- Most rate locks last 30–60 days.
- If your loan approval takes longer, you may need to pay for a rate lock extension.
- Some lenders allow a one-time adjustment if rates drop after you’ve locked in.
Locking your rate early can be a smart move if rates are trending upward. Ask your lender about “float-down” adjustment options if rates are volatile.
Common Delays in Mortgage Approval—and How to Avoid Them
Even when everything seems to go smoothly, unexpected delays can still happen.
The following are some common reasons mortgage approvals get held up.
1. Credit or Financial Changes
If you take out a new loan, rack up credit card debt, or change jobs while your mortgage is being processed, your loan terms could be re-evaluated.
Solution: Avoid making any significant financial changes until after closing.
2. Slow Response to Lender Requests
Underwriters often request additional documentation, such as updated bank statements or explanations for large deposits. If you take too long to respond, your loan approval could be delayed.
Solution: Check your email and lender portal regularly to respond quickly.
3. Appraisal Issues
If the home appraisal is lower than expected, the lender may not approve the loan amount. This can cause delays while you negotiate a new price with the seller or come up with extra funds.
Solution: Have a backup plan if the appraisal is lower than your purchase price.
Final Thoughts: How to Get Mortgage Approval Faster
While the mortgage approval process typically takes 30 to 60 days, every situation differs.
The best way to keep things moving is to stay proactive, work with a reliable lender, and understand the steps involved.
Before you know it, you’ll have the keys to your new home in hand!
Our advise is based on experience in the mortgage industry and we are dedicated to helping you achieve your goal of owning a home. We may receive compensation from partner banks when you view mortgage rates listed on our website.
