How Long Does Mortgage Approval Take?

How long does it take for a mortgage application to be approved?

As a general rule, you can expect it to take between around 18-40 days for your application to be processed, but if your application is complex it could take longer.

How quickly can you get a mortgage?

The entire mortgage process has several parts, including getting pre-approved, getting the home appraised, and getting the actual loan. In a normal market, this process takes about 30 days on average, says Fite. During high-volume months, it can take longer—an average of 45 to 60 days, depending on the lender.

How long does it take for a mortgage to be approved UK?

On average in the UK, once you’ve submitted a mortgage application, it takes 4–6 weeks for your lender to approve it.

How quick can a mortgage be approved?

In terms of securing a mortgage offer, there’s no hard and fast rule over the time it takes, but most of us can expect to wait around a month (between 18-40 days) from application to mortgage offer – provided the process goes smoothly and your application is relatively straight forward.

Why is my mortgage application taking so long?

There are a number of common explanations that can cause a longer time to process your application. New government imposed mortgage rules. These new rules significantly affected the way mortgage lenders originate home loans. It takes lenders longer to document and verify a homeowner’s ability to repay the loan.