How long does the loan process take?
This depends on several factors including the type of loan and contract closing date (purchases). Some loans close as quickly as 21 days while others take longer. The average loan closes in approximately 30 days.
|Milestone||Time to Complete|
|Loan Application||Same Day|
|Disclosures||Issued within 3 days of the Loan Application.|
|Documentation||Needs list is sent at application. Documentation is reviewed within 24-48 hours of receipt from you.|
|Home Appraisal||Averages 10 days from order to completion.|
|Underwriting||1 to 3 days for initial underwriting decision.|
|Cleared to Close||3-day minimum for acknowledging Closing Disclosure|
|Closing Disclosure||The Closing Disclosure (CD) is issued when the loan is approved. There is a 3-day minimum waiting period after acknowledging Closing Disclosure before closing documents can be signed with a Notary.|
|Closing Documents||Closing Documents are issued 1 to 3 days after all loan conditions are clear (also known as a Clear-To-Close).|
|Funding||Refinances: For owner occupied and 2nd homes, there is a 3 business day ‘right to cancel’ waiting period between the day that documents are signed and the day that the loan can fund. For investment property refinances and purchases, there is no waiting period. Typically a loan funds within 1-2 days of the signing of closing documents.|