Good morning, and thank you for your question. The time needed to close on a mortgage depends on several factors. As a loan officer, I closed loans as quickly as a week, and others took months. The speed of your closing depends on several factors:
1. Is it a purchase or refinance? Lenders give purchases priority because there are contracts involved.
2. Can the loan be underwritten with automated underwriting software (AUS)? That cuts underwriting from days to seconds, but it's not available for everyone. If you don't have enough credit to generate a score, for instance, your loan gets underwritten manually, and that takes longer.
3. Are you self-employed or a wage earner? Wage earnings are easier to verify.
4. Are you prepared, with all of your account statements, earning documentation, letters of explanation for any credit or employment issues, divorce decrees, proof of child support (paid or received)? Do you return your lender's calls right away?
5. How busy is your lender -- ask them about their turnaround time if that's critical to you.
6. How busy are local appraisers? Often, it's the wait for an appraisal that creates a bottleneck.
7. MOST IMPORTANT, are you pre-approved for your home loan? If you apply before you need a loan, you can fix anything that crops up (and something ALWAYS crops up) without the pressure of a deadline. Once you have mortgage pre-approval (also called credit approval), you just need an appraisal that meets the lender guidelines and you can close.
See this article for full details about getting to the closing table in record time. https://themortgagereports.com/18920/how-to-rush-your-mortgage-closing-gina-pogol