The journey to homeownership is an exciting one (among many other things!), but it’s also filled with so many questions and uncertainties. One common query that tends to pop up is, “How long do mortgage transactions take?” We’re here to help answer that question for you!
How Long Do Mortgage Transactions Take?
Understanding the timeline of a mortgage transaction can help you plan your path to your dream home more effectively.
Let’s dig into the factors that influence the duration of this process.
- Pre-Approval: A few hours to a few days for initial approval.
- Home Search: Weeks to months, depending on your preferences and the market.
- Formal Mortgage Application: A few days to a couple of weeks. (See our online mortgage application tool here)
- Mortgage Underwriting: Two to four weeks for a thorough review.
- Conditional Approval: Issued with specific conditions to meet.
- Closing Process: It usually takes about 30 to 45 days to finalize the purchase.
- Funding and Possession: Once all conditions are met, you take possession of your home—this is the most exciting part!
Keep in mind that while these are typical timelines for each stage, unexpected delays can occur. A number of factors (primarily out of your control) can extend the overall duration of your mortgage transaction.
This includes:
- A competitive housing market
- Complex financial situations
- Issues with the property’s appraisal may
Can You Speed Up the Mortgage Transaction Timeline?
But some things are within your control in the mortgage process. The most impactful move you can make to ensure a smoother and faster mortgage transaction is working with experienced professionals—a knowledgeable real estate agent and a reputable lender like City Centre Mortgages.
Our friendly team is dedicated to helping you navigate the mortgage process efficiently and find the best mortgage product and rate to suit your needs.
If you’re ready to embark on your homeownership journey, reach out to City Centre Mortgages. We’re here to guide you every step of the way, from pre-approval to closing, and make your dream of owning a home a reality. Contact us today to get started!