From time to time it is worthwhile to take a look at the timeline that should be expected when undertaking a purchase or refinance. Typically I tell my clients to plan on 30 days from the day you complete the loan application, however in most cases we are able to close within 2 weeks. The time it takes to receive approval will depend largely on the amount of time necessary to gather documentation both prior to submitting a request to an underwriter as well as to meet any underwriting conditions. However, assuming a timely response on the part of the client, the following time line may be useful:
Day 1: Complete loan application, sign loan authorization and disclosure documents. Loan Officer completes initial authorization with automated underwriting engines.
Day 2: Deliver loan documentation to your loan officer. Loan Officer orders Appraisal and Title Report.
Day 3 – 5: Title Report and Appraisal are completed. Any remaining documents are delivered. Loan file is submitted to underwriting.
Day 9 – 11: Final Approval is received, closing documents are ordered and a closing is scheduled.
Obviously this is a general guideline, but it does provide some idea of what to expect. In most cases, the most time consuming phase of the loan process is the gathering of documents. To save time I recommend that my clients us the loan application checklist and gather the necessary paperwork prior to application.
As always, if you have any questions or would like me to address a specific topic feel free to contact me at 801-256-0904 or by email at
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