How long it will take you to buy a house depends on two questions. The first is "How long will it take to find a house you want to buy?" The second is "How long will it take to close on the home after your offer has been accepted?"
The answers to these questions vary from homebuyer to homebuyer, especially for the first question. Read on to learn more about how much time it takes to buy a home.
How long does it take to shop for a house?
How long it takes to find a house you want to buy depends on things like how much time you have to shop. If you are moving to a new community, you may want to buy a house sooner so you are settled before you begin a new job or the school year starts. If you want to buy a house in a community where you already live, you might have more time to shop before you make a decision.
The number of houses for sale where you want to buy a home can affect how long it takes. If there are a lot of houses for sale in the neighborhood where you want to buy, you might be able to find a home you like faster. If there are few homes for sales, it might take you longer.
Whether your bid is accepted by a seller can affect how long it takes too. Houselogic says an average homebuyer might spend 10 to 12 weeks actively shopping for a house.
How long does it take to close on a house?
The amount time it takes to close on a house also varies. Zillow estimates that it takes an average of between 30 and 45 days to close on a house once it is under contract.
As a homebuyer, there are things you can do to help keep the process moving forward. There are other things that the mortgage professionals at Freedom Mortgage need to do for you. We are committed to helping you buy your new house as fast as possible! Here’s what you need to know.
- Get preapproved for a mortgage. Getting preapproved for a mortgage gives you a good estimate of home prices you can shop for and helps you collect the documents you need to complete your application. It might help you close faster on a home too.
- Application, documents, and Initial Disclosures. Before we can begin the formal process of reviewing your mortgage, we need you to complete your application and provide us copies of financial documents like W2s, tax returns, and bank statements. We’ll also need you to sign your Initial Disclosures which give us permission to begin underwriting your loan. We have electronic platforms that make these steps easier!
- Underwriting. Underwriting is the process where we review your application and documents and decide whether you meet the credit, income, and financial requirements to have your loan approved. Learn more about mortgage underwriting.
- Home appraisal. Many times we will request a home appraisal which will estimate the fair market value of the house you want to buy. This is information we often need before we can approve your loan. Learn more about home appraisals.
- Title Search. A title search confirms the person selling the home you want to buy is its legal owner and checks to make sure there are no liens against the house that need to be paid. We usually request a title search as part of our review process.
- Closing Disclosures. Once your loan is approved, we will send you the Closing Disclosure. Federal Law requires that you receive the Closing Disclosure at least three business days prior to closing.
Talk to Freedom Mortgage about buying a home
Freedom Mortgage can help you buy homes with conventional, VA, FHA, and USDA loans. Would you like to learn more about your mortgage options? Call 877-220-5533 to speak to a Freedom Mortgage Loan Advisor or visit our Get Started page.