How Long to Close a Loan

 In Qualifying for a Mortgage

We have received many calls recently asking how long it takes to close a loan.  Is it 7 days, like some mortgage companies advertise?  Or is it closer to 3 months, which is the length of time it takes other mortgage lenders?

Here’s what you need to know.

How Long to Close a Loan

The very short answer is it should take about 30 days to close a loan.  That’s 30 days from the time the lender is given the signed contract between the buyer and seller with a purchase transaction, and 30 days from the time you agree to proceed with a refinance transaction.  Sometimes it takes less than 30 days, but it’s never a good idea to count on a loan closing sooner than that.  

Some people think 30 days is a short amount of time, and some people think 30 days is a ridiculously long amount of time.  Our experience (14 years of selling mortgages and 6 years before that processing and underwriting mortgages) is that it takes 30 days to do a good job.  It really shouldn’t take longer than that, unless a property is in a remote area and appraisers are in short supply.  In the Denver Metro area, though, appraisers are not in short supply, and 30 days is what it should take from start to finish.  


We could tell you about all the things that need to happen to get a loan approved and closed, but that would be very boring to read.  Call us if you want all the gritty details.

Contact us if you would like to get pre-approved for a mortgage to either purchase or refinance an existing mortgage.  And if you want to make sure your offer gets accepted by a seller, ask us about getting your mortgage fully approved before you shop for a house.  It’s free and easy.

Recent Posts

Start typing and press Enter to search

How to Get Approved for a MortgageSome Great FHA News