This article is part of the Ready to Buy series, which focuses on the key issues that potential home buyers need to understand as they work through the purchase process.
Closing on a home, when using a mortgage to finance the purchase, usually takes about 50 days.
That’s how long you should budget from the time your offer is accepted until the closing, when you get the keys and can move in. You need to allow additional time to find the right home before even starting the clock on the 50 days for closing.
Buyers who are in a hurry can close more quickly, but it is rare to see a closing happen in fewer than about 35 days with a mortgage. The minimum timeline is mainly due to the appraisal and underwriting steps of the lender.
At the other end of the spectrum, asking for a longer closing is possible if the seller agrees. However, your mortgage interest rate lock may be limited, and your credit package and appraisal are usually only good for 90 days.
45 to 60 days from contract to closing is the most common timeline, so keep that in mind as you plan your purchase.
Good luck with your search, and remember that I’m here to help when you need me. Have a great day!