The timeline for mortgage approval can vary depending on several factors, including the type of mortgage, the lender's specific processes, and your own financial situation. Generally, the mortgage approval process can take a few days to several weeks.
Here's a rough timeline of the mortgage approval process:
Pre-approval: This is the initial stage, where you provide your financial information to a lender and receive a pre-approval letter. This stage can take as little as one business day.
Application: Once you find a home and submit a formal application for a mortgage, the lender will begin reviewing your financial information and verifying your employment and income. This stage can take anywhere from a few days to a week.
Underwriting: This is the process where the lender reviews all of the information and documents related to your application and determines whether you meet their lending criteria. This stage can take several days to a few weeks, depending on the lender's workload and the complexity of your application.
Closing: If you're approved for the mortgage, you'll need to schedule a closing date, where you sign all the necessary paperwork and finalize the loan. This stage can take anywhere from a few days to a few weeks, depending on how quickly all parties can coordinate the necessary steps.