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Is there a time limit for banks to approve a mortgage.

Customer Question
Is there a time...

Is there a time limit for banks to approve a mortgage

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Penna

Lawyer's Assistant: Has any paperwork been filed?

An application for a mortgage

Submitted: 10 months ago.Category: Real Estate Law
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Answered in 13 minutes by:
10/14/2017
Real Estate Lawyer: Ray, Lawyer replied 10 months ago
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 48,804
Experience: Texas Attorney for 30 years dealing in real estate
Verified

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.

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Real Estate Lawyer: Ray, Lawyer replied 10 months ago

No time limits here.It now takes an average of 42 days to close on a home loan.

That's down from 51 days at the beginning of 2017.But thats a good estimate here it takes longer than most people realize it has toughened up since the lending scandal several years ago.Loans in general close fast as the year gets to an end because they want to close on as many as they can by end of year.

Reference

https://themortgagereports.com/19487/how-long-does-it-take-to-close-a-mortgage-gina-pogol

I appreciate the chance to help you , good luck here on closing and the loan.

If you can positive rate 5 stars it is much appreciated.

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