What is involved in the loan process?

Everyone who is buying a house wants to know "When can I close and why does it take so long to get a mortgage?"  There is no right answer to this question when you are in the process of getting a loan, but the loan officer you are working with can try and give you a realistic time frame of the amount of time it should take to get your loan completed.  The reason that there is no set timeframe is because the combination of the type of loan, borrower circumstances and home are different for every situation.  This blog will help explain what the typical loan process entails.  If you are involved with additional circumstances outside of the explanation given, more time may be necessary.  Additional circumstances can include: loan with state assistance, loans with improvements being rolled into the house, condos, USDA, VA or FHA loans.  If a borrower is getting gift funds, pulling money out of a 401K or obtaining a bridge loan will require further information.


I hope this helps!