How long does mortgage approval take?

Pre-approval: 1-3 days. Full underwriting: 30-45 days from contract to close. Some streamlined refinances close in 14-21 days.

Mortgage timing has two phases. Pre-approval (before you have a property): 1-3 business days at most lenders. You provide W-2s, tax returns, bank statements; lender pulls credit and runs automated underwriting; pre-approval letter issued. Full underwriting (after you are under contract): 30-45 days for purchase loans, 21-35 days for rate-and-term refinance, 30-45 days for cash-out refinance. The path: appraisal ordered immediately (7-14 days to complete), title work begins (10-30 days depending on complexity), conditions issued to you for missing items, final approval called "clear to close," then 3-day right-of-rescission on owner-occupied refinances before funding. Bottlenecks: appraisal delays in rural areas, title issues from prior unresolved liens, condo HOA questionnaire returns slow (7-14+ days), and self-employed income documentation rounds. Streamlined refinances (FHA Streamline, VA IRRRL) skip appraisal and many income verification steps - 14-21 day close possible. Plan your contract dates with 5-7 days of buffer past lender estimates.