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How long does it take to close on a home?
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If you’re in the market for a new home, you’re likely in for an exciting time. For many, there’s nothing like shopping the inventory of available houses in search of one they can call their forever home. But the nail-biting — and the real work — begins when you find your forever home and make an offer that the seller accepts.
At that point, you’ll need to schedule inspections and surveys. You’ll also need to be in regular communication with your mortgage company as they work to approve your loan. So, how long does this period of limbo between when your offer is accepted and when you close on your home last?
Get a mortgage loan preapproval online now.
How long does it take to close on a home?
The average time to close on a home is between 45 and 60 days. It’s tough to pin down an exact timeframe because there are so many variables at play.
To close on a home, you’ll need to have inspections done and get through the underwriting process. Unfortunately, there may also be hiccups along the way.
“There are multiple factors that can delay a home closing, such as financing difficulties, appraisal challenges or inspection issues,” says Bill Banfield, EVP of capital markets for Rocket Mortgage. “The best way to guard against any potential difficulties is to prepare well in advance — starting to do research early and getting all necessary approvals and documents in order.”
How to prepare for a fast closing
If you want to close on your home as quickly as possible, there are a few things that you can do. Those include:
Get preapproved
“One way to ensure financial readiness when buying a home is to get preapproved,” says Banfield. “This helps give the homebuyer additional security and confidence in their offer. To take this one step further, Rocket Mortgage offers a verified approval, which reviews the buyer’s credit, income and assets to confirm they qualify for the home loan. This verified approval gives buyers a competitive edge by proving to the seller that their finances are secure and will come through.”
Aside from giving you a competitive advantage, getting a preapproval means you know how much money your lender is willing to let you borrow to purchase your home. As such, you’re far less likely to run into financing headaches with a preapproval.
Find out the mortgage loan amount you qualify for today.
Avoid taking on any new debt
“One piece of advice homebuyers should keep in mind to ensure there isn’t a bump in the mortgage process is not to take on any new debt – like financing new furniture or a car — between being approved for the loan and the mortgage closing,” says Banfield. “While this time is extremely exciting, and there may be other large purchases on the horizon for the new homeowner, if the buyer’s debt-to-income ratio raises before the mortgage closes it may reach beyond the threshold for qualification.”
Of course, if you purchase something that puts your debt-to-income ratio over the approval threshold, you could delay your closing until you either reduce your debt or lose the opportunity to purchase the home altogether.
Have your paperwork in order
Chances are that your mortgage lender will ask you for a lot of paperwork. If you want to expedite the process, here are the documents you should have in order before you start house hunting:
- Tax returns: Lenders typically require two years of tax returns to ensure that there haven’t been any significant fluctuations in income.
- Pay stubs: Have at least a couple of months of paystubs on hand. If you’re self-employed, you may need to prove your income with 1099 documents or other means.
- Bank statements: Your lender will likely want to see recent bank statements to get a better understanding of your financial habits.
- Gift letters: If your friends or family are helping you purchase your home with gifts, they will need to write gift letters. These letters prove where the money is coming from.
- Photo ID: On the off chance you don’t have one, you should take the time to get one before applying for a mortgage loan.
- Rental history: If you don’t currently own a home, your lender may ask for proof that you’ve paid your rent on time for at least the last year. You may need to offer canceled rent checks or have your landlord write a letter of recommendation.
Learn more about your mortgage options now.
The bottom line
You may be able to close on your home in as little as a few weeks — or it may take as long as a few months. Much of that timeline depends on how well-prepared you and the seller are once the seller accepts your offer. You can follow the tips above to help ensure you have the fastest closing time possible.
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Sen. Thom Tillis says “the scope” of Helene damage in North Carolina “is more like Katrina”
As recovery missions and repairs continue in North Carolina more than a week after Hurricane Helene carved a path of devastation through the western part of the state, the state’s Republican Sen. Thom Tillis called for more resources to bolster the relief effort and likened the damage to Hurricane Katrina’s mark on Louisiana in 2005.
“This is unlike anything that we’ve seen in this state,” Tillis told CBS News’ Margaret Brennan on “Face the Nation with Margaret Brennan” on Sunday morning. “We need increased attention. We need to continue to increase the surge of federal resources.”
Hurricane Helene ripped through the Southeast U.S. after making landfall in Florida on Sept. 26 as a powerful Category 4 storm. Helene brought heavy rain and catastrophic flooding to communities across multiple states, including Georgia, South Carolina, Tennessee and Virginia, with North Carolina bearing the brunt of the destruction. Officials previously said hundreds of roads in western North Carolina were washed out and inaccessible after the storm, hampering rescue operations, and several highways were blocked by mudslides.
Tillis said Sunday that most roads in the region likely remained closed due to flooding and debris. Water, electricity and other essential services still have not been fully restored.
“The scope of this storm is more like Katrina,” he said. “It may look like a flood to the outside observer, but again, this is a landmass roughly the size of the state of Massachusetts, with damage distributed throughout. We have to get maximum resources on the ground immediately to finish rescue operations.”
Hurricane Katrina left more than 1,000 people dead after it slammed into Louisiana’s Gulf Coast in August 2005, flooding neighborhoods and destroying infrastructure in and around New Orleans as well as in parts of the surrounding region. It was the deadliest hurricane to hit the mainland U.S. in the last 50 years, and the costliest storm on record.
The death toll from Hurricane Helene is at least 229, CBS News has confirmed, with at least 116 of those deaths reported in North Carolina alone. Officials have said they expect the death toll to continue to rise as recovery efforts were ongoing, and a spokesperson for the police department in Asheville told CBS News Friday their officers were “actively working 75 cases of missing persons.”
On Saturday, the U.S. Department of Transportation released $100 million in emergency funds for North Carolina to rebuild the roads and bridges damaged by the hurricane.
“We are providing this initial round of funding so there’s no delay getting roads repaired and reopened, and re-establishing critical routes,” U.S. Transportation Secretary Pete Buttigieg said in a statement. “The Biden-Harris administration will be with North Carolina every step of the way, and today’s emergency funding to help get transportation networks back up and running safely will be followed by additional federal resources.”
President Biden previously announced that the federal government would cover “100%” of costs for debris removal and emergency protective measures in North Carolina for six months.
With North Carolina leaders working with a number of relief agencies to deal with the aftermath of the storm, Tillis urged federal officials to ramp up the resources being funneled into the state’s hardest-hit areas. The senator also addressed a surge in conspiracy theories and misinformation about the Biden Administration’s disaster response, which have been fueled by Republican political figures like former President Donald Trump.
Trump falsely claimed that Mr. Biden and Vice President Kamala Harris, his Democratic opponent in the November presidential election, were diverting funds from Federal Emergency Management Agency that would support the relief effort in North Carolina toward initiatives for immigrants. He also said baselessly that the administration and North Carolina Gov. Roy Cooper, a Democrat, were withholding funds because many communities that were hit hardest are predominantly Republican. Elon Musk has shared false claims about FEMA, too.
“Many of these observations are not even from people on the ground,” Tillis said of those claims. “I believe that we have to stay focused on rescue operations, recovery operations, clearing operations, and we don’t need any of these distractions on the ground. It’s at the expense of the hard-working first responders and people that are just trying to recover their lives.”
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