Don't forget to use our Checklist of Items which is provided to help you ensure smooth sailing during the application process. The length of time it takes from start to finish can vary with the complexity and details of your transaction. The absolute fastest would probably be a 2 day closing from start to finish. These are very rare and can only happen if you have a just about perfect loan. The typical time frame is usually 2-3 weeks to obtain loan approval and then another week to close.
Some loans can literally take months to close.
For example, construction loans with all the permits that are required can take a long time. Likewise, a foreclosure loan can sometimes take a long time just due to the extra title work needed. There are a number of costs associated with applying for and closing on a mortgage besides the house payment. To begin with, there is a fee charged by the lender to obtain a credit report and conduct a formal appraisal of the property. In addition to this amount, which is due when you apply for the home loan, are closing costs.