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Pre-approval is critical when you need a mortgage to buy a home. But how long does it take? Because it involves a large sum of money, it doesn’t happen overnight. It has to follow a specific process. Take a look at what it takes to get approved, and the average time frame.
Your mortgage lender will determine if you are a good candidate for a loan during the pre-qualification process. By looking at your debt-to-income ratio and other financial information, your lender can decide if they are willing to loan you the money to buy a house.
Once you’re ready to start seriously looking for a home, a realtor will prefer you have pre-approval from a lender. At this stage, the mortgage company looks deeper into your financial details, including your income, credit, debt, history, and more. This will help them determine how much money they are willing to loan you and the best financing options for your circumstances.
Once you are under contract for a house, an appraisal to verify the value is complete, and they have drawn up the paperwork, the next step is the closing. This is the point in the process where your mortgage company finalizes the loan, and the home becomes yours.
Though each step in the process only takes a few days, the process from start to finish takes 30-60 days on average. If the market is slow, it’s closer to 30 days. If the market is hot, it can take closer to 45-60. The good news is, if you get organized and take care of your credit, paperwork, and follow the guidance from your lender, you can often finalize your loan in about a month.
Are you ready to start the process of getting a mortgage loan? Midland Mortgage Corporation has the knowledge and expertise to get you from point A to the closing quickly and smoothly. Contact their team of professionals today.