How Long Does Mortgage Approval Take After Pre-Approval? A Comprehensive Guide
How Long Does Mortgage Approval Take After Pre-Approval? A Comprehensive Guide
Introduction
Pre-approval for a mortgage is an important milestone in the home buying process. It gives you a good estimate of how much you can afford to borrow and makes you a more competitive buyer in the current market. But once you've been pre-approved, how long does it typically take to get final mortgage approval? We'll dive into this question and break down the mortgage approval timeline.
Timeline for Mortgage Approval After Pre-Approval
The time it takes to get final mortgage approval after pre-approval can vary depending on factors such as the lender, the complexity of your financial situation, and the market conditions. However, according to Freddie Mac, the average time from pre-approval to closing is about 45 days.
| Mortgage Approval Timeline | Average Time |
|---|---|
| Pre-approval to Application | 1-3 days |
| Application to Processing | 10-14 days |
| Processing to Underwriting | 10-14 days |
| Underwriting to Conditional Approval | 5-7 days |
| Conditional Approval to Closing | 10-14 days |
Factors Affecting Mortgage Approval Time
1. Lender: Some lenders may have faster or slower processing times than others.
2. Financial Situation: If your financial situation is complex (e.g., self-employment, multiple income sources), the approval process may take longer.
3. Market Conditions: During peak home buying seasons or in a competitive market, lenders may experience higher volume and longer processing times.
Success Stories
"I got pre-approved in early February and closed on my new home in mid-March. The process was relatively smooth, and I received regular updates from my lender." - Sarah C.
"I started the mortgage application process in April and closed in June. It took a little longer than expected due to some delays in the appraisal, but my lender kept me informed throughout the process." - David S.
"I had a great experience with my lender. They made sure I understood every step of the process and were always available to answer my questions. I closed on my dream home in exactly 45 days from pre-approval." - Emily W.
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