how long does it take to close on a house

How Long Does It Take to Close on A House?


Nowadays, everyone wants to have their dream house. But, how long does it take to close on a house? It is a common question that comes in everyone’s mind before buying a new home. However, the home closing process starts when a purchase offer is accepted, and it can go on longer than you might think.

A report says that buying a house took about fifty days. In the whole process, the lender plays a vital role. There are so many steps before closing on a house that could drag out the timeline. Here in this article, we will show you the steps that extend the period of buying your dream house.

Close on a House: How Long It Takes


Doing your homework is the first step in making your dream of buying a new house into reality. However, you need to do research online and physically carefully to figure out a great deal that fits your budget. And all this research can take about one to fourteen days.

It looks strange when you love a house but can’t afford it. So if you don’t want to get in this situation, you can contact your bank before buying a home to avoid heartbreak. Moreover, there is no confirmation that you will get a mortgage on time. So, create a budget and start finding your dream house.

2. Spot an agent

In the home closing process, finding an agent is vital that meets your requirements. Spot an agent who is trustworthy and can give you the best advice. Moreover, look for a person who is knowledgeable and expert in this community.

So, if he is an expert in this field, he will get you a great deal that fits your budget. However, the whole process of spotting an agent can take one to seven days. Therefore, start finding an agent to make your deal happen.

3. Get credit approval

If you are serious about buying your dream house, then getting a pre-approval for a loan is the best signal. However, most agents also gave you advice on having approval for a loan before having a deal. But it seems to go deeper and took five to eight business days. 

As we all know, banks take a lot of documents from you to give a loan. Here are some tips that will make easier;

  • Attach all your necessary documents in a file and be ready to visit the bank for a loan.
  • Within fourteen days, compare rates from lenders.

So make all your documents ready and get approval for your loan.

4. Purchase

Now here is the time when your dream comes true. All the things are set and ready to go. If you have found a place near your or neighborhood or where the land is at a low rate, make a final purchase. It could take a few months.

However, it depends on what you need and what is available for you. So take your time and make a better decision.

5. Negotiate and make a deal

Keep in mind that before making a purchase, do not forget to work with your agent on price and other terms and conditions. It can take up one to seven days. Here are some tips to follow this step smoothly;

  • You can include a pre-approval letter from your lender to put down the money.
  • Give a counteroffer to, if no other buyer could jump in with a better offer.
See also  Money Map Press Helps Subscribers Profit From Investing

Therefore, be good at negotiation and create a deal.

6. Mortgage Final approval

Remember that getting approval for a mortgage does not mean you get a loan for your new house. Moreover, after selecting a home, the lender has a few other requirements, such as appraisal and inspection. Additionally, he also needs to see the copies of your financial documents. The steps to buying a house will overlap from this point. Therefore, get the final approval of the mortgage to proceed.

7. Get an inspection

After getting your deal done and signing the contract, contact an inspector to get a home inspection. However, the survey will take about two to three hours. After the check-up, you will get the reports instant. Most of the inspectors take photos while inspecting and send it to you as a detail.

Sometimes, the inspection also turns into an issue because it gets delayed for days. It can take a day or two to pay off the deal. So contact an inspector now to get a home inspection.

8. Get appraisal

Getting a home appraisal is a vital point to get a mortgage. If your home fails to appraise the amount, then you may have to renegotiate the contract. However, after appraisal, the report goes to the lender and takes five days due to some additional research. Therefore, if you have a house under contract, then you have to line up an appraiser as soon as possible.

9. Get insurance

Contact a company that looks at your documents and deeds to make sure that you will purchase a house free of former claims to the property. However, it takes one to three business days for a title check and two weeks to get an insurance policy. To complete all your documents and contact an insurance company to have a claim of your property.

10. Get homeowners insurance

The insurance company will also send someone to look out if there is any potential risk in your property. Moreover, your mortgage lender may need flood insurance, which can take up to two weeks. Therefore, contact a homeowner’s insurance company to find out any risk in your property.

11. Arrange closing funds

Ask your agent which one is better for you, cashier or certified check or transfer funds digitally. Transferring your funds is the best option because your cash is ready to release. You can confirm it if you receive any wiring instructions by email, agent, or lender.

Call the number saved on your agents’ record and not on the list of the suspect email. This whole process can take only a few minutes, but sometimes it can be a few days. So start arranging all your closing funds to move further in closing on a house.

12. Conduct a final step

Now, this is your time to make a final walkthrough. Ensure that the seller has left the property in a good as you have seen the last time. This process can take place before the day of closing on the house.

13. Close on the house

Each step we have shown above is part of the whole closing process. However, getting the loan, appraisal, inspection and insurance takes up to six weeks. After all these steps, there is the main event where you have to bring your photo ID and do a lot of signatures.

Lastly, get the keys to your new house and enjoy the feeling of satisfaction.

Delays occur in home purchasing

Sometimes there are any delays after the file submission to the underwriter. And this is the biggest issue that we face while buying your dream house. However, loan officers know the underwriting process, but they can’t tell how much time it can take because every underwriting is unique.

See also  Buying A New Car? Know These Facts About Loans During Pandemic

It seems very annoying that you own something valuable but don’t know how much time it will take to approve the underwriter’s loan. The last few days before buying your dream house is suspenseful. Moreover, the lenders take more time than mortgage brokers.

And it is due to the large banks following their procedures and having their long requirements. In closing, the bank employees counterpart their commission and don’t feel urgent to do your work. Working with entities can also delay because their working has no pre-existing relationship.

Some more problems come between us and our dream house.

  • There are some changes to the fees in the loan estimates.
  • Underwriters order a review appraisal that does not match with your first appraisal.
  • Missing insurance information.
  • There is a change in the marital status of the seller or buyer.
  • Clouds on the title.
  • In the credit report, extra debt was found.
  • There are mistakes in the buyer’s credit report.
  • Upon the title update, there are new lines and files against the buyer or seller.
  • Missing bank statements or financial documents.
  • Program commitment or expired loan.

If the loan does not approve of the purchase contract does not include a provision, the buyer’s earnest money deposit could be at risk. Moreover, if the property didn’t appraise sufficient value, then the same would happen again. So take care of all these problems before having a deal like this.

Can You Close on a House in 2 Weeks?

As we have shown above in this article, the home closing process is complicating. That is why it can take a lot of time in paperwork, inspections, financing, reports and other essential components that take place in this process.

But there is a way that can make this process in two weeks. It’s not humorous. Here we are going to show how to close on a house in two weeks. However, the amount of time taken in closing a deal can be quick if you provide all your documents fast.

Below we have created a timeline that lets you close a deal in ten days. Work in a proper plan, and you may be able to have your dream house in ten days.


Day1:- On the first day, you can apply for a home loan. And after approval, you will receive a letter with lots of requirements. Moreover, the loan representative will help you to understand all the directions and needs.

Day2:- You can order an appraisal of your property on the second day. Additionally, with the assessment, you have to send all your documentation involving two years of tax returns, pay stubs and bank statements.

Day 3-5:-   Now, the appraiser will come to have an inspection. Make sure that you contact an appraiser who performs all the needs faster. Moreover, make a target that the whole appraisal process completes in five days. Lastly, during three to five days, you will receive the notification of clarification of your documents.

Day6-10:-. On this day, you will receive a response of appraisal. So if there is an issue, then you may inform and ask what to do now. After approval, there are no other actions.

Moreover, if any other requirements are needed, the underwriter will send it to you before closing. To support verification of income or employment, underwriters may require any documentation. Send these documents, and if it is all right, you will receive a notification on final documentation.

We have shown before there are many problems with purchasing a new house. However, the closing process is intricate, with many moving parts. Therefore, we hope this timeline will help you close a deal in two weeks or ten days. Start following these steps carefully and make it happen in less time.

Bottom line

So here is the complete comprehensive guide of purchasing a new house. However, this article shows you how much time it takes and how you can finish all the requirements in two weeks. It will help you to make your dream come true. Read this article until the end and understand all the needs you have to follow carefully to live in your dream house.

Leave a Reply

Your email address will not be published. Required fields are marked *