WEOKIE Federal Credit Union By WEOKIE Federal Credit Union • May 26, 2020

How Long Does It Take to Get a New Mortgage?

When dreaming of buying a house, it can seem like a lifetime away. Many of us live for years in apartments and rental houses, waiting for the chance to finally buy a house. But what about when you’re finally ready to start the process of buying a home? 

How long will it take to go through the process of applying for and getting a new mortgage? Some good news: we can give you a pretty good idea of how long it will take to go through each of the steps! 

A Step-by-Step Guide to Getting a Mortgage

  1. Gather the materials you will need to apply for a mortgage.
  2. Apply! 
  3. Get a home inspection for the home you want to buy.
  4. Buy homeowner’s insurance before you try to finalize the mortgage.
  5. Review documents, pay closing costs, and close on your house! 

Here is some information about how long each step might take. 

Gather the materials you will need to apply for a mortgage.

NerdWallet provides a useful checklist of what documents you will need when applying for a mortgage. You will need to provide proof of income (such as W-2s and tax returns), details about your assets (bank statements and investment accounts), and information about your debts. 

You may also need to provide rent receipts, divorce decrees, and down payment gift letters if someone is helping you finance your new home. 

Gathering these pieces of information can take hours to weeks, depending on what you have available on hand. The better your record-keeping, the faster this first step will go! 

Apply!

Once you decide on a lender, you can usually apply for a mortgage online. Filling out the application is one of the fastest parts of the process, because it is simply a matter of entering information into an online form and submitting the documents you have already gathered. 

Get a home inspection for the house you want to buy.

The earlier you can do this, the better! Home inspections are one of the least predictable parts of the home buying process. Unfortunately, there are often surprises that might impact the sale. 

It can take a few days or weeks to get a home inspection scheduled. Factors include how many inspectors work in your area and whether or not it’s a popular time of year to sell a home. According to Homelight, the inspection itself usually only takes a few hours, but the report can take 3-4 days to be prepared by the inspector. 

Buy homeowner’s insurance before you try to finalize the mortgage.

This is another speedy part! You can shop for and purchase homeowners’ insurance online within a matter of hours.  The more common timeline is 1-3 days. The important thing here is to have homeowners’ insurance lined up before you go to close on the loan. You generally won’t be able to finalize your mortgage without demonstrating that you have sufficient coverage. 

The issue here is that it has the potential to delay the process if you don’t have homeowners’ insurance purchased and provable by the time you are ready to close. 

Review documents, pay closing costs, and close on your house! 

Closing on a house is exciting, even if signing all the paperwork can get a little tedious. The closing appointment will probably take at least an hour as you review each document and sign. You will need to have your down payment, closing costs, and fees ready at your closing appointment so that everything can be finalized. 

How long does it take when you add it all together?

Getting a mortgage is a 30-day process, assuming there aren’t any unexpected delays. If you have unusual needs - like a super fast close, WEOKIE can accommodate!

In the time leading up to those 30 days, you can work on putting together your down payment, choosing a mortgage lender, and, of course, finding the house of your dreams!

WEOKIE Is Your One-Stop-Shop For Everything Homes

When you’re ready, we have several services and resources to help you find a home (HomeAdvantage offers cash rewards when you buy or sell a home using a group of highly skilled realtors.) We have multiple types of loans and we can even assist you with insurance for home. We want to make every step in your home-buying experience as easy and as affordable as possible. To help with this, we now have an after-hours Mortgage Loan Officer available to assist you. 

Complete our online form, or give us a call today at (405) 235-3030 or 1-(800) 678-5363 to discuss your dream home goals.

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