It
can take anywhere from two weeks to two months to be approved for a
mortgage. It all depends on how complicated your mortgage application is
and how busy the
lender. If you are looking at a
standard loan, you will often know within four to six weeks.
Once the lender approves you, you
still have a ways to go. Most mortgage commitment letters require that you
meet certain conditions. You may have to provide more financial
information or have an inspection of the property. Often, the property
must appraise for the asking price.
You won't receive the money until
you close on the purchase. This usually takes a few weeks after you
receive approval from the lender. Don't waste time - you usually only have
45 days in your mortgage commitment. After that you may have to reapply
and renegotiate the terms. Plan six to eight weeks from application to
closing.
