Buying a home is one of those life milestones that we all look forward to. We work hard throughout our entire lives to make sure we can afford our dream home once we decide to buy.
However, the process isn’t as simple as picking out a house and buying it. Several steps need to be adhered to for the process to be successful.
In this article, we’ll break down what they are and how long each takes. Continue reading to learn more.
When you get to the underwriting stage, that means you’re almost at the finish line. But we have to climb through a few more hurdles first.
Underwriting takes place by your lender to review your income, assets, credit, and property. It makes sure that your application meets the requirements for the loan you’re applying for. Some lenders may also have additional requirements that you need to meet.
You’ve gone through a rigorous process trying to secure your home, and understandably, you want to let your hair down. But unfortunately, there still are a few things that you should try and avoid, like:
What Takes So Long To Close On a House?
As we stated above, there are several steps that you have to go through before you can close on a house. Remember that buying a home is a binding contract that ties in your assets, so lenders need to ensure that you’re able to pay. Here are the steps.Application
First, there’s the application. After your offer is accepted, the loan process begins once you submit an official loan application. For your application to be considered, you need to fill out the official Uniform Residential Loan Application and have information such as:- Your Social Security number
- The property’s address
- Your income
- The loan amount you want
Disclosure
Next is disclosure. Once you submit your loan application, lenders are required to give you loan disclosures, including a loan estimate, in three days. These documents get sent to you electronically, so all you need to do is sign them in the secure portal and send them back. However, if you don’t choose the electronic signature, you’ll have to wait until the documents arrive by mail, which could potentially delay your closing process even more.Home Appraisal
After all of your documentation is in order, you’ll be able to set up an appraisal for your property. It entails an appraiser inspecting the house and then sending a report to the appraisal management company. After going through a quality control check, the report is then delivered back to your lender so you can proceed with your process. It usually takes 1 - 2 weeks for an appraisal to be completed. However, it could be longer if the home is in a remote location.Underwriting

What Are Red Flags For Underwriters?
To ensure that your application successful completes the underwriting process, here are some red flags that lenders look for:- Credit issues
- High debt-to-income ratio
- Big undocumented deposits
- Large last-minute purchases
Conditional Approval
Once an underwriter has reviewed your application, they’ll either conditionally approve it, suspend it for additional information, or deny it. If it is approved, there will be extra documentation that needs to be reviewed before the final approval of your loan. Since there’s so much additional paperwork that you have to fill out and lenders need to review, it usually takes about 1-2 weeks for this process to get completed. Don’t worry, though; you’re inching closer and closer to the finish line.Closing Disclosure
The last thing you’ll need to close on your home is the closing disclosure. It’s the final all-clear before your loan documents can be drawn up. Your lender will prepare these documents and send them to you for completion. After receiving your closing disclosure, there is a mandatory 3-day waiting period before you can sign the documents. This time is allocated so you can review your loan or consult with any financial advisors if you need to.Final Closing & Funding
You’ve finally made it; it’s the closing day! After the 3-day period passes, you can sign your documents and send them back to your lender for one final review. Once they’re accepted, the loan will be disbursed, and your new mortgage will be recorded within your local area. Congrats! You’re now officially a new homeowner. Interest rates are a common deterrent for first-time buyers. But don’t be deterred. Find out everything you need to know about interest rates from Mares Mortgage.What Not To Do After Closing On a House

- Checking your credit report
- Closing credit accounts
- Quitting your job
- Co-Signing loans