How long does it take to get approved for a mortgage?
Are you worried about how long it will take to get approval from your mortgage lender? That’s a common concern for most homebuyers. What if you could get your documents signed off on in as little as one day? And get an approval on a mortgage in 10 days?**
With our Same Day Mortgage program, getting into a new home can happen that fast.
If you’re ready to get started, you can apply for our Same Day Mortgage program now. You can also continue reading to learn more about how the program works.
How long does it normally take to close on a mortgage?
The length of time it takes to close on a mortgage can vary depending on a variety of factors. Key factors include type of mortgage, the lender, and the complexity of the transaction. The closing process for a mortgage typically takes 30 to 60 days. This timeline begins when the lender receives the completed application.
During this time, the lender will likely order an appraisal to determine the value of the property. They will also review your financial documents and credit history. They may also need additional documentation from you. This can delay the process if not promptly provided.
The lender will issue a final loan approval once they are satisfied with the information they have received. They will then prepare the closing documents.
Stay in contact with your lender throughout the process. Also, you may need to provide extra documents they may ask for. This will help ensure a quick and successful closing.
How can I close on a mortgage as soon as possible?
Our Same Day Mortgage program is designed to help borrowers close on a mortgage as quickly as possible. Here are some tips on how to take advantage of this program and get your mortgage closed fast:
The Process for the Same Day mortgage Program
- Gather all necessary documentation
To speed up the mortgage process, it's important to have all the necessary documentation ready. That way when you apply for your mortgage, you have everything you need. This includes proof of income, tax returns, bank statements, and other financial documents that the lender may require. - Apply online
Applying for a mortgage online can save you time and help you get approved more quickly. Our Same Day Mortgage program allows you to complete your application online in as little as 15 minutes. - Respond quickly to requests for information
Your lender may ask for additional information during the mortgage process. Responding to these requests quickly can help ensure a smooth and timely closing. - Use FlashClose+ eClose
Our Same Day Mortgage program also offers FlashClose + eClose, which allows you to sign your closing documents electronically. FlashClose + eClose can help speed up the process and doesn't need in-person meetings. - Work with an experience loan officer
A knowledgeable loan officer can guide you through the mortgage process and help you close on your mortgage quickly. Our loan officers have experience working with the Same Day Mortgage program and can help you navigate the process.
How does our Same Day mortgage work?
Our Same Day mortgage is a program designed to streamline the mortgage application and approval process and provide borrowers with a faster closing time.
Overall, our Same Day mortgage program provides borrowers with a faster, more convenient mortgage experience. We use digital technology to make the mortgage process more efficient. They also provide borrowers with a high level of customer service and support.
Can I close as fast as a cash buyer with our Same Day Mortgage?
The Same Day mortgage program is designed to help borrowers close on their mortgage as quickly as possible. However, it may not be possible to close as fast as a cash buyer. Cash buyers can close on a property quickly because they don't need to obtain a mortgage, which can take time to process.
That being said, with the Same Day mortgage program, borrowers can receive an initial decision on their application in as little as 20 minutes and complete the closing process remotely through our FlashClose platform. This can help speed up the mortgage process. It also provides a faster closing time than traditional mortgages.
However, it's important to keep in mind that the timeline for closing on a mortgage can vary depending on a variety of factors, such as the complexity of the transaction, the lender's requirements, and the borrower's individual circumstances. While the Same Day mortgage program can help expedite the process, it's important to work closely with your lender. You'll need to stay on top of any requests for information or documentation to help ensure a smooth and timely closing.
In summary, while it may not be possible to close as fast as a cash buyer, our Same Day mortgage program can help expedite the mortgage process and provide a faster closing time than traditional mortgages.
How can I start with our Same Day mortgage program?
You can start by applying for the Same Day mortgage program now, and getting connected with one of our loan officers. Same Day Mortgage removes a lot of the uncertainty about buying a home, and can provide the competitive edge you need to If you want to get into a new home, and don't want to wait, we can help make it happen.
Learn more about Same Day Mortgage!
Rate’s Same-Day Mortgage (aka “FastTrack”) promotion offers qualified customers who provide certain required financial information/documentation to Rate within 8 hours of locking a rate on a mortgage loan the opportunity to receive a loan approval within 1 business day of timely submission of documentation and does not suggest that the borrower will receive funding on the same day as their application submission. For purposes of this offer, documents provided after 1 pm local time or on a weekend or company holiday will be deemed submitted the next business day. Rate cannot guarantee that a loan will be approved or that a closing will occur within a specific timeframe. Rate reserves the right to revoke this approval at any time if there is a change in your financial condition or credit history which would impair your ability to repay this obligation. Read and understand your Loan Commitment before waiving any mortgage contingencies. Borrower documentation and Intent to Proceed must be signed within 8 business hours of receipt. Not eligible for all loan types or residence types. Minimum down payment requirements apply. Self-employed borrowers and Co-borrowers are not eligible. Not all borrowers will be approved. Borrower's interest rate will depend upon the specific characteristics of borrower's loan transaction, credit profile and other criteria. Eligible borrowers who successfully provide all required documentation within 8 business hours will receive a $250 Closing Cost Credit applied at closing, no cash value, and may not be combined with any other Lender promotions, discounts, or concessions. Not available in all states. Restrictions apply. Visit Rate.com/same-day-mortgage for terms and conditions.
**Eligible borrowers must qualify for a "Clear to Close Loan Commitment" ("CTC”). Rate cannot guarantee that a loan will be approved or that a closing will occur within a specific timeframe. CTC is subject to certain underwriting conditions, including clear title and no loss of appraisal waiver, amongst others. Not eligible for all loan types or residence types. Minimum down payment requirements apply. Property must be eligible for an Appraisal Waiver and borrower must opt in to AccountChek for automated income and asset verification. Self-employed borrowers and Co-borrowers are not eligible. Not all borrowers will be approved. Restrictions apply.