Timeline Questions
How long everything takes from application to closing.
Q: How long until I hear back after applying?
A:
- Immediate: Application confirmation, initial matches
- Within 24 hours: Detailed quotes, rate comparison
- Within 48-72 hours: Formal loan estimates, pre-approval letters
Q: How fast can I close?
A:
| Loan Type | Fastest | Typical |
|---|---|---|
| Hard Money | 5 days | 7-10 days |
| Bridge Loan | 7 days | 10-14 days |
| DSCR | 10 days | 14-21 days |
| Conventional | 21 days | 30-45 days |
Q: What's the fastest loan type?
A: Hard money (5-10 days). Trade-off: higher rates. For fast DSCR, some lenders close in 10-14 days.
Q: Why is my application taking so long?
A: Common causes:
- Missing documents
- Appraisal scheduling delays
- Title issues
- Lender capacity
Solution: Respond to requests same-day, provide complete docs.
Q: Can I expedite the process?
A: Yes!
- Have all documents ready before applying
- Respond to requests within hours
- Request rush appraisal ($100-200 extra)
- Consider hard money if speed is critical
Q: What causes delays?
A:
| Cause | Delay | Prevention |
|---|---|---|
| Missing docs | 2-5 days | Complete package upfront |
| Appraisal | 3-10 days | Approve early, request rush |
| Title issues | 5-14 days | Review title early |
| Underwriting | 2-5 days | Thorough documentation |
Q: When will I get loan approval?
A: Approval stages:
- Pre-qualification (Day 1-2): Initial estimate
- Conditional Approval (Day 7-14): Subject to appraisal/title
- Clear to Close (Day 14-21): Final approval, ready to close
Q: How long is rate lock good for?
A:
| Lock Period | Cost |
|---|---|
| 15-30 days | Usually free |
| 45 days | +0.125-0.25% |
| 60 days | +0.25-0.5% |
Q: What if I need to close in 2 weeks?
A: Possible with:
- Hard money or bridge loans
- All documents ready Day 1
- Immediate property access for appraisal
- Rush fees may apply
Tell your lender upfront about your deadline.
Q: Can I pause the application?
A: Yes, but:
- Rate lock may expire
- Documents may become stale
- Better to wait until ready to proceed
Typical DSCR Timeline
Day 1 Application submitted
Day 1-2 Initial approval
Day 2-5 Document collection
Day 3-7 Appraisal ordered
Day 7-10 Appraisal received
Day 10-14 Underwriting review
Day 14-17 Conditional approval
Day 17-20 Clear conditions
Day 20-21 Clear to close
Day 21+ Closing!
Total: 14-21 days typical
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