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How Long Should it Take to Get a Mortgage Loan?

Q: How long should it take to get a mortgage loan? Veronica, Flushing, NY

A: Well that’s a good question, Veronica. Mortgage approval is a multi-step process which includes underwriting, which can take some time. The lender or mortgage broker you choose and the number of applicants they have in their pipeline will impact how long it takes to get a mortgage as well as your individual financial situation. If, for example, your financial condition is very simple and straight-forward (i.e. your employment is stable and have no debt) the process will generally be faster and can take just a few weeks. However, if you’re situation is more complicated (i.e. you’re self-employed, own several other houses, have gone through a divorce or bankruptcy) the mortgage process will normally take longer because the loan officer will probably require additional documentation—I have seen situations where it’s taken over a month or even several months for someone with a complicated financial history to get a mortgage loan.

Thanks for your question, Veronica, good luck!

For more real estate tips and information, visit my blog at geraldlucas.com.

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