Initial Application and Documents
Once you submit your application and required documents, initial review by a broker or lender can often happen within a day or two, though this depends on how quickly you provide complete paperwork.
Underwriting Review
The lender's underwriting team reviews your income, credit, and the property details, which can take anywhere from a few days to about a week depending on the lender's volume and the complexity of your file.
Appraisal and Conditions
If an appraisal is required, scheduling and completing it can add several days to the timeline. Any conditions attached to your approval, such as additional documents, need to be satisfied before final approval is issued.
- Appraisal scheduling and completion
- Providing any additional requested documents
- Final review of conditions
Final Approval to Closing
Once conditions are cleared, your file moves to final approval and then to your lawyer for closing preparation. Most purchase agreements allow several weeks between the accepted offer and closing day, which gives enough time for this whole process in most cases.
What Can Slow Things Down
Incomplete documents, self-employed income complexity, unusual properties like a condo with legal issues, or a tight closing date can all add time to the process, so responding quickly to requests helps keep things on track.
Frequently asked questions
- How far in advance should I apply for a mortgage?
- Getting pre-approved before you shop and finalizing your application as soon as you have an accepted offer is a good approach.
- Can a mortgage close in less than two weeks?
- It is possible in straightforward cases, but it is tight and leaves little room for delays.
- What causes the most delays in approval?
- Missing or incomplete documents are one of the most common causes of delay.