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ONOKY - Eric Audras/Getty Images May 26, 2022 TJ Porter is a contributing writer for Bankrate. TJ writes about a range of subjects, from to . Michele Petry is a senior editor for Bankrate, leading the site’s real estate content. Bankrate logo

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At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo

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Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Buying or selling a home is one of the biggest financial decisions an individual will ever make. Our real estate reporters and editors focus on educating consumers about this life-changing transaction and how to navigate the complex and ever-changing housing market. From finding an agent to closing and beyond, our goal is to help you feel confident that you're making the best, and smartest, real estate deal possible. Bankrate logo

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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. According to a report from mortgage technology company Ellie Mae, it took . That can feel like an eternity when you’re eager to get into your new house, but real estate deals take time. This breakdown of the process and tips to navigate it can help you avoid slowdowns and other issues.

How long does closing take

The closing process officially begins once the seller accepts a buyer’s offer. It ends on closing day when they sign all the paperwork and the property officially changes hands. The length of a closing depends on what kind of financing the buyer is using to purchase the home. In general, closing takes longer if the buyer is getting a mortgage than it does with a cash deal. That’s because there are lots of parties involved in the lending process. A lender will want to take a close look at the buyer’s financial situation to fully approve their mortgage. It will also want to get the home appraised, conduct a title search and more — all of which take time. The type of mortgage being granted also plays a role. According to the Ellie Mae data, conventional loans move slightly faster than FHA and VA loans: Conventional loans: 48 days FHA loans: 54 days VA loans: 57 days A cash deal, by comparison, can speed things up considerably. Closing an can take just a few weeks. If you’re really pressed for time, you might be able to close on a cash deal in just days. Closing on a refinance is usually faster than a purchase.

How long does the closing day itself take

On closing day, you’ll typically sit down with all parties involved — including sellers, lenders and real estate attorneys — and fill out a pile of paperwork. It involves a lot of reading fine print, initialing documents, writing checks and signing on the dotted line. If all goes smoothly, expect the process to take at least two hours.

The home closing process

is a process. Steps a buyer must complete before getting the keys include: Hiring an attorney Opening an escrow account Running a title search Having the home inspected Negotiating closing costs Setting a date Doing a final walk-through Attending the closing The title search should be run early in the closing process. Similarly, getting an inspection as soon as possible will give you time to deal with any unexpected issues that might pop up. It may take a month to close even after finishing these tasks. The typically happens the day before or the day of closing, giving the buyer one last chance to make sure the home is in the expected condition.

What might cause delays

Once the seller accepts your offer, there are a few things that can delay closing. One of the most common issues is — specifically, whether the home appraises for the full purchase price (or more). Lenders want to make sure the home is worth enough to secure the mortgage. If it appraises for less than the amount of the loan, the buyer might have to pay extra to bridge the gap. Similarly, if a lender finds an issue with the buyer’s financial situation, it might deny their mortgage application. This can actually cause the deal to fall through. But if it doesn’t, finding a new lender will definitely slow things down. Less common are title issues. The may find that there is a lien on the home, or that the seller doesn’t otherwise have a clear title to the property. That will need to be resolved before the transaction can be completed. can also turn up issues that delay closing. If a major problem is found, the buyer might want to back out of the purchase or ask the seller to make repairs before closing.

Advantages to closing quickly

There are a number of benefits to closing on a home quickly. The most basic reasons are that the seller gets their money sooner, and the buyer gets their new home sooner. The process can be stressful, and getting it over fast lets you move on with your life that much faster. But there are other, finance-related benefits as well. For buyers, one of them is related to locks. Lenders often let you lock in your loan interest rate, but those rate locks don’t last forever — they typically expire after a set period of time. It’s important to close before the rate lock expires, or else you could wind up with a much higher interest rate. For sellers, the faster they sell the property, the sooner they can stop paying the mortgage and upkeep. This can be especially important if they have already purchased a new home and are carrying both mortgages for the time being.

Tips for keeping to a fast timeline

If you’re looking to close on a home quickly, here are some tips that will help you move things along.

Get preapproved

helps you know your budget and shows sellers that you’re serious about buying, which may help make your offer stand out. It also can help you close more quickly, because your lender will already have much of the information it needs to make a final lending decision.

Find a trusted lender

Try to that you trust and have an established relationship with. This makes problems less likely — and also makes the lender more likely to work with you if anything does come up.

Schedule a home inspection ASAP

The sooner you have the home inspected, the sooner you can address issues that might delay closing. The more time you have to negotiate repairs or credits with the seller, the better.

Avoid any major life changes

If possible, avoid changing jobs, getting married or making any other big life changes during the homebuying process. These might require your lender to reassess your mortgage application, which can lead to delays. While you can’t predict everything, of course, it’s smart to do what you can to avoid major shakeups.

FAQs

What is the average closing time on a house

The average length of time to close on a home varies based on the type of purchase and type of financing, but is usually about 50 days.

Can you close on a house in 2 weeks

Yes, it is technically possible to close on a home in two weeks, but it would likely require an all-cash deal rather than a mortgage.

When is the best time to close on a house

Closing on a home late in the month is useful, because it can help reduce your closing costs by limiting the amount of prepaid interest you have to pay at closing. Season is another consideration, according to Tyler Forte, CEO of Felix Homes and FreshBuilds, a website specializing in new construction homes. In general, he says, the housing market is slower in the winter. “Lenders and real estate professionals are less busy during this season, so the closing process does not take as much time.”

When is the worst time to close on a house

Closing on a home early in the month often means higher closing costs, thanks to having to prepay interest. It might also be smart to avoid closing on a Friday. Fridays are busy for many real estate businesses, and if something comes up that requires help, you may have to wait until Monday to get it.

Bottom line

Closing on a home is an involved process, but being prepared can help make things move along more quickly and smoothly. Try to schedule inspections, appraisals, title searches and the like as early in the process as possible to give yourself time to deal with any unexpected issues that pop up.
SHARE: TJ Porter is a contributing writer for Bankrate. TJ writes about a range of subjects, from to . Michele Petry is a senior editor for Bankrate, leading the site’s real estate content.

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