The Great Majority Of Mortgage Loans Get Approved
The time required to get an approval can change based on the market environment or how complicated a loan might be. For many applicants, getting a mortgage approval is not the hard as keeping it.
A loan approval is like a snapshot in time. The approval is based on the conditions that existed at the time of the approval. There are a handful of land mines in the mortgage approval process that you will want to stay clear of them. In a typical home loan market, a mortgage approval takes 30 days from loan applicant to the actual closing. Loans can be approved and purchase loans closed in as little as 14 days, but realistically an average uncomplicated loan can be closed in 20 days. Delays with title issues, or unforeseen issues that delay the loan process can occur. Often, a complicated loan can cause delays due to additional conditions that underwriters request.
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