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This Is The Average Length Of The Closing Process In Real Estate
When buying a house, the closing process begins when the seller agrees to the terms of your offer, so it’s helpful to have your mortgage pre-approved before going through the next steps. In the closing process, you’ll open and fund escrow, negotiate closing costs, have a home inspection, and meet any lender requirements before actually owning your home.
Typically, it takes 30 to 45 days to complete the closing process, but this can depend on how busy your lenders are and the type of loan you have. Closing processes can be delayed from contract contingencies and concerns found during the home inspection that may require negotiation, but if you have all your financials in order, you can actually save some time.
It only takes a few hours to sign the documents on closing day, as all the parties sit down to go through dozens of documents including your mortgage loan and the deed of trust. It’s important to carefully review each document you sign, and once the transfer of funds is complete, you’ll have the keys to your new home in a few days.