The minute you find your dream house you want to move in. However, the mortgage closing process takes longer than expected a lot of the time. It’s important to understand what to expect during this time and what can stall the process. The loan closing can be completed in 21-28 days; however, the average time is 44 days.



Issues can arise that keeps the closing process going months longer than expected. Keep reading to find out why your closing time can be delayed.


When your offer is accepted, try not to purchase large expenses suddenly. We know, it can be tempting to get that amazing couch that would look great in your new living room. However, your mortgage lender may pull your credit just to be sure nothing has changed and see that new large purchase. This can cause you to appear in more debt and can cause a delay.


Secondly, if there was a death associated with the property, the home may need to go through probate first which can take anywhere from a few months to a few years. Make sure to know the history of the home so that you are not kept waiting way longer than you thought.


Thirdly, there are times when the lender may require the home buyer to put extra money in the down payment. If so, that home buyer may need to save a little more those next few months to make that happen.


If the buyer is self-employed, additional documents are typically required to close on a home. If the buyer has multiple incomes, this will also need to be documented and verified. Lastly, if the down payment is a gift, this can also slow down the process so that the lender can verify it all.


If there is any damage in the property, the lender may require repairs to be complete prior to the home being closed. This is a very common reason. Lastly, if the home is in a foreclosure. This can take up to 1- days to get a payoff from the mortgage company. This can also include legal fees.


Although the home closing process is an exciting time, it can sometimes be delayed. Make sure you read through these reasons to ensure you understand why it may be ahead of time. For any questions, give us a call!