How Long Does It Take To Close A Mortgage?

How Long Does It Take To Close A Mortgage? Tips for a Fast Home Loan Closing

We often get asked, “How Long Does It Take To Close A Mortgage?” or “What’s the fastest you can get a loan done?” At Morgan Financial, we understand that sometimes you need to close on a home quickly. Whether you’ve found your dream home or have a tight moving schedule, speeding up the mortgage approval process is crucial. In this blog post, we’ll explore how you can achieve a fast mortgage approval and expedite your home loan process.

The Importance of Mortgage Pre-Approval

The first and most critical step in obtaining a quick home loan is getting a mortgage pre-approval. Unlike a simple pre-qualification, which is based on a brief conversation and minimal information, a pre-approval involves a thorough review of your financial situation by an underwriter.

What is Mortgage Pre-Approval?

A mortgage pre-approval is a formal process where a lender reviews your income, assets, credit history, and other financial documents to determine how much you can borrow. At Morgan Financial, our underwriters handle the pre-approval process to ensure accuracy and reliability.

Why is Pre-Approval Important for a Fast Mortgage Closing?

• Saves Time Later: By verifying your financial information upfront, you reduce the risk of delays during the underwriting process.
• Strengthens Your Offer: Sellers are more likely to accept offers from buyers who are pre-approved, especially if you’re proposing a quick closing.
• Identifies Potential Issues Early: Pre-approval helps uncover and address any financial obstacles that could slow down your loan approval.

Steps to Expedite the Mortgage Process

Once you’re pre-approved, there are additional steps you can take to ensure a fast home loan approval and close your mortgage quickly.

1. Communicate with Your Loan Officer

Open and frequent communication with your loan officer is essential. Let them know that you aim for a speedy mortgage closing so they can prioritize your application and guide you through the necessary steps.

2. Gather Necessary Documentation Promptly

Providing all required documents as soon as possible helps prevent delays. Common documents include, but are not necessarily limited to:

• Proof of income (pay stubs, W-2s)
• Bank statements
• Tax returns
• Identification documents

3. Choose the Right Lender

Selecting a lender experienced in expedited home loans makes a significant difference. At Morgan Financial, we specialize in fast mortgage approvals, averaging seven days from a signed loan application to a clear-to-close.

4. Secure Homeowners Insurance Early

Don’t wait until the last minute to obtain homeowners insurance. Securing your policy early prevents potential delays, especially in regions prone to natural disasters where insurers may halt new policies temporarily.

5. Be Responsive

Quickly respond to any requests from your lender. Delays in providing information or signing documents can push back your closing date.

Understanding Legal Minimums and Regulations

Federal regulations, such as the TILA-RESPA Integrated Disclosure (TRID) rule, mandate certain waiting periods and disclosures. Typically, the fastest you can close a mortgage is seven days from the application, closing on the eighth day. Being aware of these legal minimums helps set realistic expectations.

The Role of the Right Lender in a Fast Mortgage Approval

Not all lenders are created equal when it comes to speed. Here’s what to consider when choosing a lender for a quick home loan process:

• Track Record: Look for lenders with a history of fast closings.
• In-House Underwriting: Lenders with in-house underwriters, like Morgan Financial, can process your application more quickly.
• Customer Service: A lender committed to excellent customer service will prioritize your needs and keep you informed throughout the process.

Why Morgan Financial is a Great Choice for a Fast Mortgage Closing

At Morgan Financial, our mission is to provide a fast, enjoyable, and consistent mortgage experience. Here’s how we achieve that:

• Speed: We average seven days from a signed loan application to clear-to-close.
• Expertise: Our underwriters handle pre-approvals, ensuring your application is accurate and meets all guidelines.
• Communication: We keep you informed at every step, so you’re never left wondering about the status of your loan.

Conclusion

Closing on a home doesn’t have to be a lengthy process. By getting a thorough mortgage pre-approval, choosing the right lender, and staying proactive, you can enjoy a fast mortgage approval and move into your new home sooner.

Ready to get started? Contact Morgan Financial today to begin your journey toward a speedy mortgage closing.

Ready to Apply?

At Morgan Financial, we can certainly assist qualified self-employed borrowers secure mortgages. Contact us today to see how we can help you achieve your homeownership goals!

Reach out now to get started on securing the home of your dreams or refinancing to save more on your current mortgage.