What is the average time frame to purchase a home from the moment you're pre-approved for a loan to the moment you close the deal?

Asked by Mary Atkins, Houston, TX Tue Jan 21, 2014

I am looking to move into a home later this year (between August - October). When should I obtain a pre-approval letter? When should I start interviewing real estate agents? When should I begin looking at homes?

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35
Aly and Justin Tesar’s answer
Aly and Just…, Agent, Winnetka, IL
Tue Jan 21, 2014
If you are serious about going into showings once you pick an agent, you should already be pre approved my a mortgage broker. The reason for that is if you see a property that greatly interests you, you will not need to wait to be pre approved and take a chance of letting the property you like drop off the market. Be prepared is what I like to say. The timeline varies on how the inventory is in your area and if you fall in love with something quickly.
1 vote
Will Barham, Agent, Bethlehem, PA
Wed Feb 25, 2015
Hello Mary in most cases you can purchase a home in 30 days or less. It really depends on your mortgage loan officer and the type of property you are purchasing. I am finding that regular sales are closing in less than 30 days and Bank owned properties can take up to 35-45 days to close. Short sales however can take on average 90-180 days to close. Hope this helps and good luck!
3 votes
Jmisty, , Lenexa, KS
Thu Jul 9, 2015
You'll notice most of the posts come from realtors, which is good as they have experience above the average "Joe". I just bought a house ( my second) and this time around was surprised at the new "pre approval" letters. To my point about this being mostly realtors, it didn't take me long to figure out this pre-approval letter business benefits them and the lender the most. It assures them you are serious and helps them to feel better the financing won't fall through and they do a lot of upfront work for nothing. Banks and lenders are helped because it's one more step in obtaining your business.

You need to be aware it's not required by any law and if any realtor firm or bank wants to require you to do it to work with them I would suggest looking elsewhere. I never obtained a pre approval, I knew I had excellent credit, a job for 16 years, and through very simple research on the web knew what lenders wanted for loan-to debt ratio's. Also beware I had a good honest realtor who let me know that in her experience the pre- approval meant nothing as a lot of her clients with them still failed to qualify for loans. Finally, most buyers will take serious offers without them. They want to sell their property.
1 vote
Dan Tabit, Agent, Issaquah, WA
Tue Jan 21, 2014
Mary,
I would encourage you to meet with a lender for preapproval right away. If there are any issues with your credit, work history or assets, the sooner you find out the better chance of getting things right in time to meet your deadline.
The other reason is because things change. Prices in many areas are going up, rates have been trending higher and all of this means less buying power for you. Should you be in a good position with your preapproval in hand and the right situation presents itself, you are positioned to take advantage rather than scrambling and missing out.
Let your lender and agent know your intended time frame up front so they are prepared. If you were in my market and going to be my client, I would send you listings to help you see the market and learn how fast things are selling, the pricing, the trends and help you get a sense of what you can afford early on. There is nothing worse than getting your hopes up only to be disappointed that you can't quite qualify for a home you love.
Get started sooner rather than later, it will make for a better experience.
1 vote
Lakshmeesha, Home Buyer, New York, NY
Sun Jul 16, 2017
Ongoing project available in Bangalore, and this project is located at East & South Bangalore. Prestige Lake Ridge is luxury apartment situated at Yadalam Nagar and it spread across 15.37 acres of land. Prestige Kew Gardens is ongoing apartment located at Yemalur and project offers 1 to 3 bhk apartments. Sobha Dream Acres apartment is spread across 81 acres of huge land and it is located at Panathur Road, Bangalore.

http://www.prestige-lakeridge.in/
https://www.prestigekewgardens.org.in/
http://www.sobha-dreamacres.co.in/
0 votes
Lakshmeesha, Home Buyer, New York, NY
Sun Jul 16, 2017
Ongoing project available in Bangalore, and this project is located at East & South Bangalore. Prestige Lake Ridge is luxury apartment situated at Yadalam Nagar and it spread across 15.37 acres of land. Prestige Kew Gardens is ongoing apartment located at Yemalur and project offers 1 to 3 bhk apartments. Sobha Dream Acres apartment is spread across 81 acres of huge land and it is located at Panathur Road, Bangalore.

http://www.prestige-lakeridge.in/
https://www.prestigekewgardens.org.in/
http://www.sobha-dreamacres.co.in/
0 votes
Gruhakalyan1, Home Buyer, Houston, TX
Fri Sep 25, 2015
Hi Mary the first step is to get pre qualified. That will give you and your agent an idea of the price range you are looking for. If you do not have an agent the lender you are working with may be able to introduce you to agents they know and feel comfortable working with.

For More Information Visit -

http://gruhakalyan.com/blog/how-to-buy-a-flat-being-cautious…

http://gruhakalyan.com
0 votes
Atiya, Home Buyer, Norcross, GA
Sun May 10, 2015
I would like to bay the house in GA 30044
0 votes
Ronald Yemma…, Agent, Birmingham, MI
Sun May 10, 2015
Hello Mary,

If you are thinking of buying you should do a credit check, make sure there are no surprises. Then when you make the decision to start looking get Pre-approval as quickly as possible. Depending on the market you look in there may be very nice homes available one day and none the next. In our market it typically takes 30 - 45 days from the time your offer is accepted until you sit down with the sellers to sign the final paperwork.
0 votes
Andrea Gabba…, Agent, Highlands, NC
Fri Apr 10, 2015
Each real estate market is different - It is always best to get all your paperwork in line before you find the house that you love. Generally it will take 30 days to buy a home if you are financing the property yourself. If you will be getting financing from a bank you can count on the process taking a bit longer as they will usually ask you to get: a survey, an appraisal, a pest inspection, a home inspection and you will have to qualify for the loan. Once your offer has been accepted, and the property you have chosen will be financed by a bank, you can count on 60 days until you close. If everyone gets everything done in a timely manner, you might be able to close earlier. Good luck.
0 votes
Joanna Heard, Agent, Redlands, CA
Tue Feb 24, 2015
Hi Mary the first step is to get pre qualified. That will give you and your agent an idea of the price range you are looking for. If you do not have an agent the lender you are working with may be able to introduce you to agents they know and feel comfortable working with.
The actual time to buy a home varies. It could be the first home you look at or it could take a few months to find and get your offer accepted. If inventory is low in your area there is no need to rush the looking process now because chance are those homes will not be available
0 votes
Persis Behra…, Agent, Cinco Ranch, TX
Mon Feb 23, 2015
Hello Ms. Atkins,

It's been over a year since you posted this question. Just following up with you to see how everything worked out for you.

All the best.

Persis
REALM Real Estate Professionals
713-294-7747
persis.realtor@gmail.com
http://www.har.com/persis
0 votes
Ryan Hilliard, Agent, Lexington, KY
Sun Feb 22, 2015
Hi Mary, if I was you I would begin interviewing agents in the early summer to guide you through the process. I like to meet with my first time buyers about 3 months out from them beginning their search.
Typically from the time you make an offer on a home and it is acceptedtor it will take about 30-60 days for inspections, appraisal, loan processing and final walk thru before you move into your new home. This can vary depending on the state you live in but that is a fair range I believe.
0 votes
John W Barre…, Agent, North Falmouth, MA
Fri Feb 20, 2015
I am always asked the question, How long does it take to buy a house?
When I work with a homebuyer the first thing I do is get them pre approved. This may take some time, because there may be some credit issues which need to be dealt with before you can get a mortgage.
Once you are preapproved it is up to you how much time you put into looking. Once you find your dream home, it should be about 45 to 60 day till closing. It will be up to you to get all the paperwork that the Bank needs, This is very important, and the amount of time it takes to close will be directly affected by how quick you get the lender the paperwork they need.
0 votes
Cazares balt…, Agent, El Dorado Hills, CA
Thu Feb 12, 2015
It sounds like you are already ahead of the game by knowing you need to get pre-approved prior to looking for a home. You can start talking with your lender now just to make sure you have everything you need in place for your loan. (sometimes credit items need to be fixed and can take 60 days) As long as you pick a good agent that you feel comfortable will represent you well the process could go very quickly. Let your agent know specifically what you are looking for in a home and they should be able to pick the best homes for you and at that point you just need to decide which home you like best. From the time of acceptance of an offer the process should be about 30 days to close.
0 votes
James Horne, Agent, Friendswood, TX
Fri Jan 30, 2015
Mary,

Easy answers are that you should get your pre-approval now, hire an agent now, and start looking for homes about 65-75 days before you want to be moved in.

Hope this helps!

James
0 votes
Kim Carnagey, Agent, Cedar Park, TX
Thu Jan 29, 2015
That can be very different depending on your lender, anywhere for 20-60 days for an uncomplicated loan.
0 votes
Jan & Rod Ro…, Agent, Missoula, MT
Tue Jan 27, 2015
First step...obtain the pre approval letter. With letter in hand, start your search for an agent...a good place to search is thru Zillow. Look for an experienced agent, check out their website to see if they are a good fit for you. Interview 3 agents....see who answers your calls, gives you the best answers to your questions and who is ready to take you out looking at homes right away...not in a week or two. Now is not too soon to start looking. You will get familiarized with the market, narrow down the area where you would like to live and if you find the perfect home, you may find a seller who will close but rent back until you are ready to move.
0 votes
Gina Cuccaro, Agent, Moon Township, PA
Mon Jan 26, 2015
A real estate professional can help you with all aspects of buying a home. Most agents have good lenders that they work with. You should find your agent, get preapproved and start looking at home. Time frame for buying a home is typically 30, 45 to 60 days from contract to close.
0 votes
John Broussa…, , Houston, TX
Sat Jul 19, 2014
30 to 45 days, 45 days to be on the safe side.
0 votes
Desi Smith, , Chicago, IL
Sat Jul 19, 2014
You should obtain a pre-approval now. You want to start looking now. Once you select a home the loan process can take between 45-60 to complete to closing.
idealrellc.net
0 votes
Bangloreprop…, Home Buyer, Houston, TX
Thu Jul 17, 2014
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More,
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0 votes
Bangalore is currently booming with real estate projects. People from evry part of india are investing in this garden city. New project which is coming up is Prestige song of south : More details http://www.prestigesongofsouth.com/
Flag Sat Jun 20, 2015
Jaime Kapp, , 77065
Tue Mar 11, 2014
Once you get pre-approved, its a matter of finding the right house. After that you can close between 30-60 days if you have a great lender and title company and assuming all inspections go well. This is process though and a very important life decision, so I wouldn't rush it. If you want to move in August I would start to look in the beginning of June.
0 votes
Leonel Trevi…, Agent, McAllen, TX
Sun Mar 9, 2014
Very important step - prequalification. A lot of factors can affect the pre-qual a lender will issue for you. Talk to the lender and make sure you understand everything involved becuase there is nothing worse thant sitting at closing and the lender will not fund your loan because you just bought a house full of furniture. A pre qual is only good for a couple of months by the way.
So, first step once you are ready to start looking is to get pre qualified.
Develop of list of requirements that you want in your new home and let the realtor know.
The realtor will develop of list of homes available in your desired area.
You will then decide which home you would like and with the realtor's help arrive at the offer price.
The offer is submitted and negotiated till all parties have signed and the contract is escrowed at the title company. Up to the point the time varies depending on the inventory and whether the available homes are or are not to your liking.
Move in to your new home will be with in 30 top 45 days.
I am a realtor in the Rio Grande Valley of Texas. If I can help let ke know.
0 votes
Cynthia Ruhl…, Agent, Houston, TX
Wed Jan 22, 2014
Hello Mary,
Get your full approval a week before you start looking, then line up a Realtor. Look for homes as soon as you get your Realtor, because the lending industry is tightening their reins.

It is always wise to drive the area that you are interested in different times of the day and week, to check for any issues that would concern you.
0 votes
Cynthia Ruhl…, Agent, Houston, TX
Wed Jan 22, 2014
One and a half months. Is all it should take. I could actually close in a month if there aren't any snags along the way.
0 votes
Linda Fisher, Agent, Humble, TX
Wed Jan 22, 2014
About 30 to 45 days would be the average time from the time you start the loan process to closing

i think I have sent you E-Mail before,

If I can help you in any way please give me a call or E-Mail

Good Luck

Linda
0 votes
Carol Falken…, Agent, Haddon Heights, NJ
Wed Jan 22, 2014
It is always a good idea to pre-approved for a mortgage before you start your search. This way you have positioned yourself to make a stronger offer when you do find a property of interest. The mortgage commitment process can take as little as 30 days to 60 days.
0 votes
Linda Fisher, Agent, Humble, TX
Tue Jan 21, 2014
You can start looking for the area you would like to live in any time .and the type of home like one story, or two story master down or up , how big lot do you want ?many things you can start the process.

Most of all enjoy the JOURNEY of buying your new home , Try not to stress , as it can get stressful .

It should be one of the greatest , times in your life.

Good Luck and God Bless If I can help call or E-Mail
Linda
0 votes
John Broussa…, , Houston, TX
Tue Jan 21, 2014
30 to 45 days. You should first obtain a pre approval letter in order to determine the amount of mortgage you qualify for.
0 votes
Linda Fisher, Agent, Humble, TX
Tue Jan 21, 2014
The time frame is about 30 to 45 days if you are with a good lender and you submit all the doc's that they request ,

Also find a good agent , they will help you also.

i am agent in the North east area of Houston, Kingwood, Atacocita , Porter Huffman, humble area

Please give me a call or E-Mail if I can help in any way.

Linda
0 votes
Christopher…, Agent, Camp Hill, PA
Tue Jan 21, 2014
That time frame gives you plenty of time to find a home. The biggest piece of time will be finding the home you want to purchase. If you know what you want and your agent does there job 90 days should be more than enough. Good luck
0 votes
Jennifer Fiv…, Agent, Red Hook, NY
Tue Jan 21, 2014
Probably around 60 days. It will depend on the type of mortgage product, conventional, FHA. Speak with a lender to get an idea of what you can afford. Identify your agent, then consult with the agent who would setup a search matching your criteria so you could get an idea of the inventory, and if your criteria evolve you could make some adjustment. Get the pre-approval close to the time you are about to start the actual home search.
0 votes
Matt Ibrahim, Mortgage Broker Or Lender, Austin, TX
Tue Jan 21, 2014
Good afternoon Mary! I am a mortgage lender here in Houston. Considering the market here, I would highly recommend getting pre-approved, not just pre-qualified prior to looking at homes. Feel free to contact me any time and I can answer any questions you may have regarding the loan process and getting pre-approved.
0 votes
Matt,
What is your turn around time frame?
Flag Sat Jul 19, 2014
Gabriel Cada…, Agent, TOMBALL, TX
Tue Jan 21, 2014
Mary, you should consider at least 60 days before your planned move in date. Two weeks to search and find that particular home and from the date an offer is accepted, the lender may take 30 to 45 days to close. I hope this information helps you planning ahead. If you need further information or assistance, please do not hesitate to contact us.

Regards,
0 votes
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