The Mortgage Underwriting Process: How Long Does It Really Take?

You may now be thinking of taking out a mortgage so that your family can have a home in Salt Lake City, where you can all live peacefully and comfortably. However, there are many things that you need to know before you contact a mortgage broker. The process of taking out a mortgage can take long, and you may have to be patient for a long time. How long does the mortgage underwriting process really take? To answer this question, first you have to know what an underwriter does and the factors that can affect how long the entire process might take.

The Mortgage Underwriting Process

Basically, during the underwriting process, the underwriter will measure your risk and make sure that the mortgage you are applying for complies with the minimum requirements of the lender. It is essentially the job of the underwriter to make sure that you meet the strict requirements of the mortgage lender and the federal government’s requirements. Depending on the underwriter’s findings:

  • The lender might approve your mortgage without any extra conditions.
  • The lender might give you conditional approval. If this were the case, the underwriter would provide you with specific conditions that you should meet, prior to finalizing your approval.
  • The lender might turn down your mortgage application as recommended by the underwriter.

How Long Would the Entire Process Take?

Real Estate agent and family

This significantly varies from one borrower to another because every case is different. In general, it can take anywhere from a couple of days to several weeks. As a borrower, make sure to ask your mortgage broker about this. You should know how long it would take for the entire process to finish. Also, make sure that you will not have any problem completing your requirements for the mortgage. If you are given conditions, you should address them promptly so that it will not take a longer time for you to complete the process. The following factors play a crucial role in the difficulty and length of the underwriting process:

  • A borrower who does not have conditions can complete the underwriting process in as little as three to five days.
  • A borrower who is given two to three conditions that should be resolved prior to approval can complete the mortgage underwriting process in a week or two.
  • A borrower who is given several conditions that require resolutions can complete the process in two or more weeks. This will likewise depend on how fast the borrower addresses all the conditions.

The mortgage underwriting process differs significantly from one borrower to another. Some borrowers can get approval just in several days. Others receive conditions that they must meet, while some get rejected, period. This means that the underwriting process can take several days, several weeks, or longer. The best you can do while waiting is to remain in touch with your mortgage broker. Fix any issues that might arise as soon as possible. Make sure to ask for assistance from your broker if there are certain things that you cannot understand while addressing the conditions given to you or completing the requirements for the mortgage.

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