How long does it take to close a loan?

In a nutshell, the process usually takes 30-60 days from the secured and finalized purchase contract date. But every deal is different.


One possible schedule would look like this: An application and first underwriting approval from Nations Lending can take up to two weeks. An appraisal can take 2-4 weeks depending upon the area, number of appraisers available, and existing work load. Any additional underwriting by us can take 2-7 days, depending on the complexity and whether or not the documents requested by us are provided. Closing documents up to 3 days, and the funds are wired and your loan closed within a few days.


There is, however, always potential for error or unforeseen issues that can cause delays in the process. Some examples would include: missing document from the file or mistakes are found. New liens or judgments filed against the buyer or seller upon title update, or expired loan, program commitment or documentation. Non-fulfilled seller obligations such as submission of pest inspection report and / or completion, roof certification, home warranty. Issues with completion of inspections or secondary review appraisals will also delay things.


Your Nations Lending Personal Mortgage Advisor will walk you through the calendar, help in setting expectations, and explain the process in a step-by-step manner.