📅 Complete Mortgage Timeline (Step by Step)
Pre-Approval
The lender reviews your credit, income, and assets to determine how much you can borrow. This gives you a pre-approval letter to show sellers.
What You Need:
- • Social Security number
- • 2 years of W-2s
- • Recent pay stubs
- • 2 months bank statements
- • Photo ID
- • Employment info
House Hunting & Offer
Find your home and make an offer. This timeline varies widely—some buyers find a home in days, others take months. Once your offer is accepted, the clock starts.
Tips to Speed Up:
- • Know exactly what you want before looking
- • Work with an experienced real estate agent
- • Be ready to move fast on good properties
- • Have your pre-approval letter ready
Loan Application & Processing
Submit your full loan application with all documentation. The processor verifies everything and orders the appraisal.
Documents Needed:
- • Purchase contract
- • Updated pay stubs
- • Updated bank statements
- • Tax returns (2 years)
- • Homeowner's insurance quote
- • Gift letters (if applicable)
Appraisal
A licensed appraiser visits the property to determine its market value. The lender needs to ensure the home is worth what you're paying.
What Can Delay This:
- • Appraiser availability (busy seasons)
- • Rural or unique properties
- • Appraisal comes in low (requires negotiation)
- • Property condition issues
Underwriting
The underwriter reviews everything with a fine-tooth comb. They may request additional documents (conditions) that you'll need to provide quickly.
Common Conditions:
- • Letter of explanation for large deposits
- • Updated employment verification
- • Proof of funds for closing
- • Additional documentation for income
Clear to Close
Once underwriting approves everything, you receive "clear to close." The title company prepares closing documents and schedules your closing date.
What Happens:
- • Final loan documents prepared
- • Closing Disclosure sent (3-day waiting period)
- • Wire instructions provided
- • Closing appointment scheduled
Closing Day! 🎉
Sign the final documents, pay closing costs, and get your keys! The loan funds and the home is officially yours.
Bring to Closing:
- • Photo ID (2 forms)
- • Cashier's check or wire confirmation
- • Proof of insurance
- • Any outstanding documents
📊 Timeline by Loan Type
| Loan Type | Average Time | Why |
|---|---|---|
| Conventional | 30-40 days | Streamlined process, fewer requirements |
| FHA | 35-45 days | Additional property requirements, more documentation |
| VA | 40-50 days | VA appraisal requirements, COE verification |
| USDA | 45-60 days | USDA approval required, property eligibility check |
| Jumbo | 45-60 days | More extensive underwriting, larger amounts |
⚡ How to Speed Up Your Mortgage
✅ DO These Things
- • Get pre-approved BEFORE house hunting
- • Respond to document requests within 24 hours
- • Keep all documents organized and ready
- • Stay in close contact with your loan officer
- • Schedule appraisal immediately after contract
- • Get homeowner's insurance quote early
❌ DON'T Do These Things
- • Don't change jobs during the process
- • Don't make large purchases (cars, furniture)
- • Don't open new credit accounts
- • Don't move money between accounts
- • Don't deposit cash (hard to document)
- • Don't co-sign for anyone
🚀 Want to Close in 21 Days or Less?
Some lenders offer expedited closing. You'll need:
- ✓ All documents ready upfront
- ✓ Strong credit and financials
- ✓ Quick appraisal turnaround
- ✓ Responsive communication
❓ Mortgage Timeline FAQ
Can I close in 2 weeks?
Possible but rare. You'd need all documents ready, a fast appraisal, and a lender with expedited processing. Cash buyers can close in 1-2 weeks, but mortgages typically need at least 21-30 days.
What causes the most delays?
The biggest delays come from: slow document submission, appraisal issues (low value or property problems), employment/income verification issues, and title problems.
How long is a pre-approval good for?
Most pre-approvals are valid for 60-90 days. After that, you'll need updated documents and a new credit pull. Some lenders offer 120-day pre-approvals.
When is my first mortgage payment due?
Your first payment is typically due the first of the month, at least 30 days after closing. If you close on March 15, your first payment would be May 1 (you pay March interest at closing).
⏱️ Start Your Mortgage Timeline Today!
The sooner you start, the sooner you'll be in your new home. Get pre-approved in minutes and be ready to move fast when you find the right house.