The most important thing to know about the mortgage process is that you need to be patient!

Mortgages take, on average, 3 to 5 weeks to process and get to the closing table, and that is if the lender does not encounter delays.

In addition to collecting various financial documents from you (the borrower) such as your tax returns, pay-stubs and bank statements, the lender will also need to work with an appraiser and your attorney.

The Appraisal

Most often times the lender will require an appraisal to be done on the property and the appraiser will have to coordinate with the listing agent to gain access to the property. Appraisal reports can take a few days to be generated, and a few more days are required by the lender in order to review that report.

The Closing

The lender will also need to work with your attorney on what is commonly referred to as the ‘title order’, which is essentially a request of specific title documents the lender will need in order to complete their closing disclosure. The closing disclosure (which recently took the place of a HUD statement) is a document that the lender and attorney collaborate on together. This document financially sums up the entire real estate transaction in one place.

Attorneys most often times must have their title search in order to get many of the requested documents put together, and title searches can sometimes take up to two weeks to get. If you know for sure you are moving forward with your purchase, have your attorney order the title search as soon as possible.

Trust the Process

Working quickly and diligently with your lender to get them the financial documents they need from you as the borrower can speed up your mortgage process. But it is important to remember to be patient, and to know that the lender and attorney want to ensure that the closing process is done right.