By David Leslie
Buyers will often wonder, “How fast can my mortgage close?” It’s a good question, as people should want to move into their dream home as fast as possible. The most correct answer to the question, which might be extremely unpopular, is that it depends. However, reading this piece will help you better understand your situation. Our goal is to help you avoid delays, follow guidelines, and move in as quickly as possible.
Today’s market has houses closing anywhere from 10 to 45 days. This window depends on the type of loan you’re seeking, the lender you use, and how prepared you are when you enter the process. Examine the factors that affect closing speed and what to expect with your loan.
The Average Closing Time
Most mortgages can close between 30 and 45 days. In this timeline, there’s enough room for everyone to gather all the supporting documents they’ll need for your finished product. Underwriting, appraisals, title work, and final approvals are all necessary steps in the process. Despite this 15-day window, some processes may take longer or shorter. As you’ll see, the number of days it’ll take for your mortgage to close often comes in conjunction with how prepared you are:
- 10–21 days: Possible with strong buyers, simple loans, and fast lenders
- 21–30 days: Common for well-prepared buyers using mortgage brokers
- 30–45 days: Typical for banks and more complex loan files
- 45+ days: Often due to appraisal delays, documentation issues, or specialty loans
Everyone in the process shares responsibility for determining how quickly your mortgage will close.
What Goes Into Mortgage Closing Speed?
Here are some of the factors that come into play to determine when your loan is going to close.
-
Buyer Readiness
It’s not enough to just be pre-qualified. Getting pre-approved is a significant step for buyers to ensure their loan closes on time. Gathering your income documents, credit reports, employment status, and other assets can be a lifesaver for underwriters.
Several factors play a role in how quickly your loan reaches the closing table:
-
Loan Type
Sometimes, your closing time comes down to the type of loan you apply for:
- Conventional
- FHA
- VA
- Jumbo
- Cash-out refinance
- HELOC
- Construction
Your Appraisal Quickness
An appraisal is an expert’s assessment of your home’s condition. Getting an appraisal can be challenging. It depends on having the right people around to schedule inspections and ensure they pass.
- Underwriting Efficiency
Lenders with in-house underwriting and modern systems move significantly faster than those relying on layered approval processes.
- Buyer and Seller Responsiveness
Even the fastest lender can’t close quickly if documents, disclosures, or repair requests sit unanswered.
Closing within 30 days is the primary goal. Closing within this time frame means that everyone is prepared, proper checks on the documents and the property are complete, the lender has a strong underwriting process, and the appraisal is clean.
Banks vs. Mortgage Brokers
Putting your mortgage through a bank rather than a mortgage broker can have a multitude of problems. While their process may follow a structure, this can be a problem. Oftentimes, you might feel like a number rather than a person. Communication with a bank loan officer at a bank might be slower, and when the process is so straightforward, things get very difficult if pivots are inevitably necessary. Banks also tend to offer fewer loan options, which can create problems if a borrower doesn’t fit any available profile.
At My Easy Mortgage, our average loan close time is 17 days. This number represents the average number of days from first contact to closing on your property. Our professional underwriters, Access to lenders, and ability to pivot in crucial situations are unmatched amongst Florida mortgage brokerages.
How You Can Help
If you want to make your closing as quick and easy as possible, consider all of the following:
- Gain your pre-approval
- Respond to document requests as soon as possible
- Avoid major Financial changes during your mortgage process
- Choose a lender that will see you as a person, not a number
Conclusion
While a mortgage broker is your best bet compared to a bank when it comes to quick closings, make sure that you find a mortgage broker who will lay out your scenarios as best as possible. It’s not about rushing through the process and potentially missing a crucial step; it’s about creating a timeframe that allows you to move through it quickly and effectively.
My Easy Mortgage’s 17-day average closing time creates a firm balance between urgency and effectiveness, allowing all parties involved to consistently work together and provide correct documentation and approvals before closing.
Whether you are a first-time buyer or looking to refinance, My Easy Mortgage, a reputable mortgage broker located at 2405 Creel Lane, STE 102, Wesley Chapel, FL 33544, and 16703 Early Riser Ave, Suite 266, Land O’Lakes, FL 34638, has a team of experienced professionals who can guide you through the process. Contact them at (813) 513-9846 to discuss your mortgage needs.