How Long Does It Take to Get a Mortgage?

Mortgage Q&A: “How long does it take to get a mortgage?”

This is a fairly common question because we humans aren’t very patient. This is compounded by the fact that we’re asking for a very large sum of money.

Because of that, the process does take time. After all, you’re not buying an ice cream cone, you’re buying a house or asking one lender to take on your old loan and present you with a new one (refinance).

Back in the day, around the mid-to-late 2000s, mortgages could close really quickly. This was partially because underwriting guidelines were pretty flexible, and also because lenders were well-staffed and very competitive.

[See the latest mortgage rates from dozens of lenders, updated daily.]

In fact, it was common to get approved for a mortgage in 24 hours, or even the same day. Yes, you could submit a loan package in the morning and get a conditional approval from an underwriter that same afternoon.

Then the mortgage crisis happened and things slowed down a lot. The fast and loose days were over and banks and lenders were a lot more careful about doling out hundreds of thousands of dollars.

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Tami L Barber

NMLS #1030737

(423) 943-9269

Encore Lending Group LLC

NMLS #1249911

206 Wesley St, Johnson City TN 37601

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The information contained in this site has been prepared by an independent third party and is distributed for educational purposes only. This is designed to give helpful tips on the mortgage process and is not intended to give legal advice. Information is considered reliable but not guaranteed. This is not a prequalification, preapproval, loan approval or commitment to lend.