How Long Does It Take To Get A Mortgage

How long does it take to get a mortgage?

The time required to obtain a mortgage is based on a variety of factors. These include pre-qualification, pre-approval, and a firm commitment by a bank or mortgage lender. However, the time needed for any mortgage to be initiated is based on when the process is started and when an offer is accepted from the seller of a home. If you are curious about how long does it take to get a mortgage, each step needed for the process needs to be understood.


This is a type of estimate that is given verbally and can be obtained by a phone call made to a bank or a mortgage lender. You will need to provide your household income and any recurring monthly payments or expenses that you have. A lender will then determine an estimate of the amount that you would be qualified to borrow. This estimate will only be used to pre-qualify a borrower for a loan and is not based on verified figures. A borrower that is pre-qualified for a mortgage is given a non-binding opinion that includes a price range and the monthly payment that the borrower would be expected to make each month. The pre-qualification process takes less than 15 minutes over the phone.


Verification of financial information is required to be pre-approved for a mortgage loan. This process is done by submitting an application to your bank or mortgage lender. Completing an application involves providing necessary documentation that is provided on a checklist given to the borrower. You will also pay an application fee that is typically around $40. This fee is used to order your credit report. Once all the documents are completed, they need to be returned to the lender. Documents can be delivered to the lender by hand or sent through the mail. If you mail the documents, a separate appointment is needed to obtain your pre-approval. A lender can also complete the pre-approval and notify you by phone. A week or more is typically required to complete the pre-approval process.

Firm Commitment

Your bank or mortgage lender will issue a firm commitment to provide the mortgage once the seller has accepted your final offer. This process is dependent on the time it takes you to find a suitable house that you choose to make an offer. When an offer in made for a home, an appraisal is required to make sure it is not priced more than it is worth. If everything is satisfactory to your lender, your mortgage will be set in motion. The entire process is complete when you sit through the closing. In short, how long does it take to get a mortgage depends on how quickly you and the seller of the home can come to an agreement.