average time to close a mortgage loan

Average time depends on many things. On a refinance, I’d say 2-3 weeks. A purchase, 3-4 weeks or longer, depending on the purchase agreement. If you’re lucky, you can actually close loans in a day or two. I’ve done it many times. Tons of work, pissed off a few people, but got the job done.

A buyer and seller can agree to an earlier closing date in the purchase contract, but the lender must then be able to perform during that time window. If the lender is unavailable, it doesn’t matter which date is selected as the closing will not occur on the date the buyer and seller specify. It will close when the lender is available to close.

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The average time in January climbed to 50 total days, up four days since the "Know Before You Owe" mortgage disclosure rules took effect in October, shows a new report released by Ellie Mae. Over the past year, the average time to close on a loan has grown 10 days longer.

The average time to close a purchase also remained steady at 45 days in April, while the time to close a refinance increased to 44 days in April, up from 41 days in March. Similarly, the average time to close FHA loans increased from 44 days in March to 45 days in April. Time to close VA loans remained steady at 48 days.

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Average Time From Application To Closing Rises To 48 Days – It took loans an average of 48 days from application to close in July, a number that has inched up slowly over the last few months. There was little difference in the time required to close a.

Ellie Mae, Pleasanton, Pleasanton, Calif., said the average time to close a loan nationally decreased in February to 42 days, from 44 in January. The company’s monthly Origination Insight Report said time to close all purchase loans decreased from 47 days in January to 45 in February, while time to close all refinances dropped from 40 days in.

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Here are the typical hiccups that make it take a long time to close on a house. Get Pre-Approved Find a lender who can offer competitive mortgage rates and help you with pre-approval.

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