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How Long Does a Mortgage Through a Mortgage Broker Take?

Getting a mortgage can be tricky, but a Mortgage Broker can help. Timing of this process can be from 6 to 8 weeks, depending on time needed in initial consultation, gathering documents, loan shopping and pre-approval, application submission, underwriting and approval, and closing the loan.

 

6 MAIN stages which determine how long it takes to get a mortgage through a Mortgage Broker are mentioned below:

  1. Initial Consultation
  2. Gathering Documents
  3. Loan Shopping and Pre-Approval
  4. Application Submission
  5. Underwriting and Approval
  6. Closing the Loan

 


1. Initial Consultation

Your first step is meeting with your Mortgage Broker.

  • Time Frame: 1-2 days
  • What Happens: You discuss your finances and goals.
  • Result: Broker understands your needs.

 


2. Gathering Documents

Next, you need to gather all the required documents.

  • Time Frame: 1-2 weeks
  • Needed Documents: Your broker needs your income proof, credit reports, bank statements and ID documents.
  • Result: Broker has all necessary info.

 


3. Loan Shopping and Pre-Approval

The Mortgage Broker then shops for loans and gets you pre-approved.

  • Time Frame: 1-2 weeks
  • What Happens: Broker compares loan options and submits your information to lenders.
  • Result: You receive pre-approval letters.

 


4. Application Submission

After choosing a loan, you submit the application.

  • Time Frame: 3-5 days
  • What Happens: You complete application forms and submit any additional required documents.
  • Result: Application is with the lender.

 


5. Underwriting and Approval

The lender reviews your application in detail.

  • Time Frame: 2-4 weeks
  • What Happens: Lender verifies your information and may request more documents.
  • Result: Final loan approval or additional conditions are met.

 


6. Closing the Loan

The final step is closing the loan.

  • Time Frame: 1-2 weeks
  • What Happens: Sign the final paperwork and pay the closing costs to complete the loan process.
  • Result: You get the keys to your new home.

 


Summary:

Getting a mortgage through a Mortgage Broker usually takes 6 to 8 weeks. This timing can be affected by complexity of your financial situation, speed of providing documents, and lender’s processing time.