Everyone’s road to homeownership is different. Often, it is straight and smooth; in other cases, it curves, takes a detour or comes riddled with bumps and obstructions. Purchasing a property involves business and economic deals, but it is a process that is deeply personal well. That’s why no two buying experiences are the exact same, and neither are their timelines.
As the period of time it requires to shut for a house differs by person and also by state, it generally speaking takes 30 – 60 times from beginning to end. It’s 47 days if you’re looking for an exact number, according to Ellie Mae’s October 2019 Report. This reflects the typical time from application for the loan to financing for three typical forms of loans. Broken down much more, that’s 47 days for an FHA loan, 46 times for the traditional loan and 49 times for the VA loan. Needless to say, that average is when it comes to transactional procedures of the house purchasing experience. What’s not included could be the more individual stuff, like just how long it can take to decide on a real estate agent or discover the home. (more…)