Steps to Close on a House: A Detailed Timeline for Buyers

The process of closing on a house can be a lengthy one, with many steps involved before the keys are finally handed over to the new owner. According to ICE Mortgage Technology, as of May 23, it takes an average of 42 days to close on a house. This timeline includes various tasks that need to be completed, from applying for a mortgage loan to conducting inspections and finalizing the paperwork.

One interesting fact is that most buyers actually close two transactions on closing day – one for the home sale and another for the mortgage loan. The process begins as soon as the buyer and seller sign the sales agreement, and many tasks happen simultaneously to expedite the closing process.

Some key steps in the closing process include applying for a mortgage loan, receiving a loan estimate, ordering a home inspection, conducting an appraisal, undergoing loan underwriting, completing a title search, and finally attending the closing. Each step has its own timeline, ranging from a few days to several weeks.

To speed up the closing process, it is recommended to have all necessary documents ready before applying for a loan, opt for a fully digital lending process, cooperate with the lender’s requests, and review all closing documents carefully. By following these tips, buyers can potentially close on a house faster and move into their new home sooner.

Overall, closing on a house is a complex process that requires careful attention to detail and timely completion of tasks. With the average closing time currently standing at 42 days, buyers should be prepared for a potentially lengthy but rewarding journey to homeownership.