If you have ac excellent credit score, and provide your loan professional with needed documentation as quickly as possible, provided you have an efficient loan officer, the loan can easily be closed in one to two weeks.

Different companies have different procedures and technology that cause a variance from lender to lender in how quickly or how long it takes to close your loan. For example a lender with the most innovative automated technology may be able to close a loan much quicker than a lender that is completely hands on and underwritten by a manual underwriter. Usually the cleaner your deal is and the higher the credit score the faster it will be to close on your mortgage loan. The more "bumps in the road" your application has and the lower your credit score usually the longer your loan will take to close. Therefore, be honest upfront and provide as much information that you can so that your mortgage consultant can present your loan in the best way possible to make your loan process go as quickly as possible.

One if the biggest keys to closing on your loan quickly is to make sure that you get your mortgage professional everything they need in a timely manner.

The timing to close your loan will depend on factors outside of your loan officer and the lending institution as well. Common delays are: Appraisal completion, title work delays, escrow availability, and obtaining insurance binders.

The loan approval process takes 3 to 7 business days, depending on the lender bank. After loan approval, it takes one to two weeks to satisfy conditions imposed by the lender. This is when outside factors can cause delays in the process. For instance, title search on the property, which surely is one of the approval conditions, may not be ready. Or, necessary repairs on the property have not been performed. As a result, many home buyers often find themselves in a situation where the mortgage is ready but other factors keep them from going to closing.

Some lenders can close loans very quickly, often in just a couple of days. However, for the convenience of closing quickly you will pay a premium through a higher interest rate.