Several factors can affect the time it takes you to receive your funds, including:
The application. Most applications require a copy of your current mortgage statement, property tax bill and proof of income. Keep these documents handy throughout the process.
Verification. The lender takes time to verify the information you’ve provided, including your source of income. It’ll also probably check out:
Your credit score. If your credit score is weak, that could delay the process.
Your debt-to income ratio. To ensure you’ll be able to pay back the loan without hardship.
Property debt. It’ll likely run a title search to check for existing debt on the property.
Home valuation. You’ll need an appraisal to verify what your home is worth. The lender typically assists with this.
Closing. A notary will meet with you to sign, seal and deliver the documents. Some states require an attorney to be present for this part.