How Long Does a Mortgage Refinance Take?

When considering a mortgage refinance, timing is crucial. On average, the process can take anywhere from 30 to 45 days.

The timeline varies based on several factors:

1. Application Process

Completing the application typically takes 1-2 hours. Be prepared with financial documents, such as pay stubs and tax returns.

After submission, underwriting begins. This step can take 2-4 weeks. Lenders assess your financial profile and property value.

An appraisal is required to determine the property’s current value. This process usually takes 1-2 weeks.

Once underwriting is complete and the appraisal is satisfactory, the loan goes to final approval, which may take 1-2 weeks.

The closing process involves signing documents and transferring funds. It typically takes 1-2 weeks to schedule and finalize.

Credit Score: Higher credit scores may expedite the process.
Loan Type: Conventional loans often have shorter timelines than FHA or VA loans.
Property Type: Condos or multi-unit properties may require additional scrutiny.
Workload: Lender workload and market conditions can affect processing times.

By understanding the steps involved and factors influencing the timeline, borrowers can better anticipate how long a mortgage refinance will take.