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.
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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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