Posted December 13, 2022 in Blog / Education

How Long Does the Home Buying Process Take?

This is a question that I have answered hundreds of times during my mortgage career. Frankly, there is no perfect answer. Why? Because there are numerous parties involved but working towards the same goal. It only takes one person or party (including the homebuyer) to have a delay or fail to do their part and the process timeline is in jeopardy.

No doubt buying a home can be stressful. Most people go through the process only a handful of times in their entire lives. Regardless of how many times someone goes through the process, it can still feel intimidating due to the complexity of the transaction. The average homebuying experience involves no less than 10 parties. It’s no wonder so many homebuyers feel like they are lost in the process.

Who typically makes up the list of 10 or more?

Loan Officer, Loan Officer Ass’t, Loan Processor, Loan Underwriter, Realtor, Seller of the home, Title company, Closing/Settlement Agent, Appraiser, Home Inspector, Homeowner’s Insurance Agent, Mortgage Insurer, and Mortgage Servicer.

Every group or person has a specialty and has required certifications or licenses that allow them to perform their duties legally and responsibly. Everyone is working concurrently, yet separately, to meet the closing date. The process could take months if one person had to complete each part of the process individually. Plus, that one person would need a massive amount of specialized training and education to keep up with the regulations and laws of each role let alone the time required.

Fortunately, technology has simplified the home buying process and streamlined the process. Online applications, online searches, e-signatures, and documentation portals allow for easy transfers of information. What used to take 45-60 days can typically be done now in 21-30 days.

The best practice for a speedy process is to provide your lender a full and complete application along with all of the required documentation PRIOR to shopping for a home. This can eliminate a lot of potential delays. Once an underwriter has fully and unconditionally approved your credit application you can reasonably expect to close on your purchase in about 3 weeks.

Visit with one of the Fairway Heartland Branch’s loan originators. They can get you started on the Fairway Advantage process to ensure we can close quickly once you find your dream home.