The buyer may want to ask the lender: how long will it be closed?

The person looking for a house may want to ask the lender how long it will take them to complete the liquidation of the loan when they purchase the mortgage. In the real estate market where multiple quotations have become commonplace, the ability of buyers to close their positions quickly can stand out among buyers.

Buyers should ask lenders: How long is your transfer time? This reflects the time taken by the mortgage lender to underwrite your mortgage.

With mortgage interest rates hovering at record lows, home buyers and refinancers want to lock in low interest rates, so many lenders are experiencing a large number of loan applications. According to the mortgage report, lenders do tend to give home buyers a priority before the tighter deadlines.

Generally speaking, the entire mortgage loan process from mortgage to completion usually takes 30 to 45 days. The average purchase time from underwriting to closing is about 30 days. However, these times may be extended, depending on the staffing of the lender, the number of loan applications, and the complexity of the loan information.

During the mortgage underwriting process, the lender will carefully check the credit. Income and employment; debt ratio; assessment to determine whether the new house has a fair market value. The lender may require other information for approval, such as documents supporting any large deposits in the bank account; other details provided by the authenticator to support the value of the house; or additional bank statements to show proof of payment. For self-employed people, they may need an up-to-date income statement.

In order to expedite the underwriting process, the buyer should respond in a timely manner and provide documents in a timely manner after any request made by the lender. The Mortgage Report pointed out in its article: β€œThe problem is as simple as losing a signature, which may extend coverage and cause delays in checkout.” β€œSo, be thorough when signing and reviewing your paperwork. And keep communication The line is smooth. If the underwriting takes longer than expected, please contact your loan officer to find out the reason for the delay and whether you need to take any action.

Obtaining pre-approval of loans can help buyers speed up the final underwriting process. But keep in mind that if your financial situation changes or your credit score drops during this time, you can still refuse the mortgage after pre-approving the final underwriting. Then, the borrower may have to reapply for another type of loan, or have to delay reapplying because they have improved their financial situation.