Did you know that closing on your mortgage alone could take an average of 44 days after your offer is accepted?

Picking the right house will also take a considerable amount of time, and there is so much more that goes into buying a house. It’s a thrilling and exciting but complicated process with a huge paper trail, a long checklist to tick off, and numerous regulations to follow.

Just like most other things, the home buying process timeline depends on a lot of variables. You have to consider things like the pre-approval process, the local housing market, your financing situation, and even the time of year.

Still, if you’re planning to buy a home soon, we’ll take you through all the processes with estimated timelines. This will make it easier for you to understand how long it could take and what you could do to expedite the process.

Getting a Mortgage Pre-Approval: 1-2 Weeks or Longer

Getting a mortgage pre-approval only takes about five business days, but you will spend much more time researching different lenders and mortgages for the best deal.

It’s imperative for you to get a pre-approval because it’ll not only show how serious you are about buying a house but also confirm how much money you can borrow. Lenders will assess your income, your credit history, as well as your current assets before giving you a loan estimate.

If you have a bad credit score, you are likely to receive a lower mortgage amount. If you need to clean up your finances by fixing errors on your credit report or paying previous debts to get pre-approved for the right amount, the pre-approval will take longer, and so will the home-buying process timeline.

Finding Your Dream Home: 5 to 10 Weeks

House hunting can be the longest part of the home-buying process timeline because finding the right house can be the most difficult part of the process and averages at ten weeks. Technology can make this process a lot easier and a lot faster because you can search on websites such as Zillow to look for available properties.

At this point, it’s imperative for you to know what kind of house you’re looking for and all the amenities you would like. Do you want a single family home, a bungalow, or a mansion?

If you’re working with a real estate agent that’s familiar with the local area you’re looking to buy a house, they can speed up the process. The pre-approval letter will also set you apart from the rest of the buyers because it’ll show that you’re serious and have the finances ready to close the deal.

Still, a lot of things can come into play, like a weak market with plenty of homes to view, a hot market with bidding wars that you could lose, and if you have a husky work schedule that limits viewings to weekends, it could take longer.

Making an Offer on the House: About a Week

Once you find the right house, the process can be quicker as soon as you make your offer. The seller is likely to make a counter-offer, so be ready to negotiate.

When you agree on a price, the home-buying process timeline will start to get complicated. You will start by agreeing on a closing date and any contingencies included in the purchase and sales agreement.

Some of these contingencies include any repairs required or items that will be included in the sale. Usually, sellers have about 48 hours to give a response to an offer, after which you will make an Earnest Money Deposit. This is a good faith deposit that you will make to show how serious you are about purchasing the home.

You will transfer the money to the seller as a part of the home offer. Once you come to an agreement with the seller, things get a little bit serious because you have to go through obtaining the mortgage and house inspections.

The Inspection and Appraisal Process: Two Weeks

Even after making an offer, it’s imperative for you to assess the house through an inspection and appraisal process. These processes will prove two things. The first is whether the house is structurally sound and worth purchasing, and the second is whether it is worth the price agreed upon.

A professional home inspection expert will search the house from top to bottom for all hidden problems. Some of these problems include roof issues, faulty wiring, foundation cracks, a bad drainage system, mold, basement dampness, and other broken things that need to be repaired. Depending on your locality, it may be a requirement to test for lead paint and radon gas.

When you receive the inspection report, you have to negotiate with the buyer about all the repairs that need to be made. This could significantly lower the purchase price if the seller doesn’t want to make the repairs themselves.

If the report includes major repairs, the home-buying process timeline will stretch a bit longer, and you may have to force cancellation of the sale if the seller doesn’t agree to lower the price or do the repairs.

Once the inspection is done, the home appraisal process will commence to determine the value of the house. The process could take about a week to complete fully, but things like numerous refinancing requests or low-interest rates could cause delays.

If the appraisal is below the selling price, you may have to go back to the negotiation table, which will prolong the process depending on how agreeable the seller is.

Getting the Mortgage: 40 To 60 Days

A mortgage loan is riskier because it’s a considerable amount, which is why it takes so long to close the deal. It may take even longer if your down payment is too little for the kind of money you are asking for.

You have to submit documents such as pay stubs and bank statements for the lender to check your credit score and determine if the down payment will be enough.

Once they approve the underwriting, you can then move on to the closing process, where you have to give the lender the home inspection and appraisal reports. After the lender clears the loan, you will move to the closing process, which could take an average of 10 days.

Closing on Your Home

Now that you have a mortgage, closing on your home is the last process, and it takes about a day because all you have to do is sign all the documents involved. Before you sign, however, you may want to get your homeowners insurance. Some lenders may ask for it as it will protect your home against disasters and lawsuits.

Home Buying Process Timeline: How Long Does It Take To Buy a House?

The home buying process timeline is more of a marathon instead of a print. This is one of the most significant investments in your life, so you have to be careful about each step you make. However, following all the steps above, you can move into your dream home after a few months.

Now that you have a home, please check out informative articles about what to do when you move into a new house.