How Long Does It Take To Get A Mortgage?

how long does it take to get a mortgageClosing a mortgage loan in Greensboro, N.C., will vary depending on the type of mortgage being applied for, the buyer’s financial situation, and the efficiency of the lender’s processing. The average mortgage loan usually takes 4-6 weeks to close from the application date. Here are a few things to consider if you’re looking to close on a mortgage quickly.

Gather and Submit Paperwork With Application
When you are in a hurry to close on a mortgage, merely submitting a Form 1003 is not enough. Take the time to gather your two latest pay stubs, last 2 years of W-2s or 1099s, your last 3-6 months of bank statements, proof of down payment, and other lender specific requests.

Your Debt to Income Ratio
Make sure you have minimal debt when applying for a mortgage loan in a hurry. The average mortgage banker will follow the 28/36 rule but if you’re looking to close fast you should follow the 25/30 rule. This would mean that your housing costs should be no more than 28% of your gross income. Your total debt (housing costs plus debt listed on your credit report, should not be more than 36% of your gross income. Having assets (especially liquid assets) is handy as well if you’re looking to close the loan quickly.

Mortgage lenders want to close loans quickly, but need completed applications to make final approval decisions. A good debt to income ratio and clean credit report is also helpful if you’re looking to move the process along a little faster. Contact a mortgage banker today for more information.