how long does mortgage underwriting take
I recently went through the mortgage underwriting process with my lender, First National Bank. The whole experience, from application to closing, took approximately 45 days. This included several delays, which I will detail later.
The Initial Application and Document Gathering
I started by completing the online application through First National Bank’s website. It was surprisingly straightforward, requesting standard information like my income, employment history, and assets. The most time-consuming part was gathering the supporting documentation. I needed to provide pay stubs for the past two months, W-2s from the previous two years, bank statements for the last six months, and copies of my tax returns. Thankfully, I had everything digitally organized, but I still spent a good two days meticulously scanning and uploading everything. There were a few hiccups; one bank statement was missing a page, requiring a frantic call to my bank. I also had to track down a misplaced W-2. Once everything was submitted, I received a confirmation email within 24 hours. This initial phase, from starting the application to final submission, took me about three days. It could have been quicker, but the document gathering proved more challenging than anticipated.
The Appraisal and Its Impact on Timeline
Scheduling the appraisal was surprisingly quick; First National Bank coordinated it within a week of my application approval. However, the appraiser’s availability became the bottleneck. The initial appointment was scheduled two weeks out, which I found frustrating given the urgency of my situation. The appraiser, a woman named Amelia, arrived promptly on the scheduled day and spent about an hour inspecting the property. She was thorough, taking detailed photos and measurements. The appraisal report itself took another five business days to generate. This delay pushed back my closing date, as the underwriters needed the appraisal before proceeding. While I understood the need for a thorough assessment, this part of the process felt unnecessarily slow. Had the appraisal been scheduled sooner, or if the appraiser had a quicker turnaround, my overall timeline would have been significantly shorter. The entire appraisal process, from scheduling to receiving the report, extended my wait by approximately two weeks.
Underwriting Review – The Longest Wait
Once the appraisal was received, the underwriting review began. This was, by far, the longest part of the entire process. My loan officer, Sarah Jenkins, kept me updated, but the lack of concrete information was nerve-wracking. I initially expected a week or two, but the review stretched to nearly three weeks. Sarah explained that the underwriters needed to meticulously verify every detail of my financial information, employment history, and credit report. There were several requests for additional documentation, which I promptly provided. Each request added a few more days to the wait. I learned the importance of having all my financial documents organized and readily available. This seemingly endless wait period filled me with anxiety, making me question the overall timeline. The constant uncertainty was the most challenging aspect of the entire mortgage underwriting process. The lengthy review, however, was ultimately necessary to ensure a smooth and secure loan approval.
Final Approval and Closing
After what felt like an eternity, I finally received the good news⁚ final loan approval! The relief was immense. Sarah Jenkins, my loan officer, immediately scheduled the closing. The closing process itself was surprisingly straightforward. I met with the closing attorney, reviewed all the documents one last time, signed everything, and then – it was done! I officially owned my new home. The entire closing took about two hours. It was a whirlwind of paperwork and signatures, but the feeling of accomplishment far outweighed the paperwork. Looking back, the final approval and closing were surprisingly quick and efficient compared to the underwriting review. It was a welcome change of pace after the weeks of waiting. The feeling of relief and excitement was overwhelming as I walked out of the office with the keys to my new home. This final stage, while efficient, still underscored the overall length of the mortgage underwriting process. The entire journey taught me patience and the importance of clear communication with my lender.