{"id":3378,"date":"2024-08-16T15:23:43","date_gmt":"2024-08-16T20:23:43","guid":{"rendered":"https:\/\/tomo.com\/blog\/?p=3378"},"modified":"2025-02-10T13:50:07","modified_gmt":"2025-02-10T18:50:07","slug":"how-long-does-it-take-to-close-on-a-house-after-you-have-an-accepted-offer","status":"publish","type":"post","link":"https:\/\/tomo.com\/blog\/how-long-does-it-take-to-close-on-a-house-after-you-have-an-accepted-offer\/","title":{"rendered":"How long does it take to close on a house after an offer is accepted?"},"content":{"rendered":"\n

At a typical lender, closing on a house generally takes around 30 to 45 days from the moment your offer gets the green light. At Tomo Mortgage, because we automate and streamline a lot of the manual back-and-forth in the underwriting<\/a> process, we\u2019ve been able to cut that time down by about half (as little as 7 days to close). And, since we\u2019re a lot more efficient than the rest of the industry, we\u2019re also able to offer no lender fees<\/a> and lower interest rates<\/a>, too.<\/p>\n\n\n\n

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Of course, this timeline can stretch or shrink depending on factors like the type of mortgage <\/a>you\u2019re using, how quickly everyone gets their paperwork done, and whether any unexpected issues pop up.<\/p>\n\n\n\n

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What happens after my offer is accepted? <\/h3>\n\n\n\n

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Once your offer<\/a> is accepted and you complete your full loan application, we\u2019ll run your credit and begin the underwriting process. During this time, we\u2019ll order an appraisal on the home, you\u2019ll have your inspection, and your lender will confirm all the information provided. You\u2019ll usually get something called a \u201cconditional approval\u201d<\/a> once we get all the core information verified, and during that time we\u2019re reviewing and finalizing the final details to make sure everything is as expected. If all goes smoothly, you might wrap up even quicker, but it’s good to plan for the full timeline just in case.<\/p>\n\n\n\n

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Will I know my closing day in advance?<\/h3>\n\n\n\n

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Yes, you should know your closing day in advance. Both the seller and buyer will be notified of the closing date. Buyers should receive their closing documents, including the closing disclosure, at least three business days before the closing date.<\/p>\n\n\n\n

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Will my house close on time?<\/h3>\n\n\n\n

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Hopefully your home will close on time. However, many times this is not the reality. The industry standard is a 40% on-time close rate\u2014meaning the majority of closings do not happen on time. Reasons can include underwriting delays, difficulty in verifying the buyer\u2019s finances, troubles with the Title or Deed of the home, or contingencies. (Here at Tomo Mortgage we pride ourselves on closing on time 98% of the time, which we\u2019re able to do by automating a lot of the behind-the-scenes back-and-forth).<\/p>\n\n\n\n

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Some contingencies could be if the buyer is purchasing contingent on once their current property is sold, which could result in a delay. Factoring in that delays are a possibility will save you peace of mind and stress, by making sure you have adequate housing lined up until you are in fact close to your home.<\/p>\n\n\n\n

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Do all property types close in a similar amount of time?<\/h3>\n\n\n\n

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If you are buying a condo you can expect to encounter a longer closing time. This is because condo sales in many instances have to be approved by a board, which adds another party to the mix.<\/p>\n\n\n\n

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How long does signing closing papers take?<\/h3>\n\n\n\n

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When it\u2019s time to sign the closing papers, set aside about one to two hours. You’ll be working through a hefty stack of documents, so take your time and don\u2019t hesitate to ask questions if something doesn’t make sense.<\/p>\n\n\n\n

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How can I prepare for closing?<\/h3>\n\n\n\n

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To get ready for closing, make sure you\u2019ve got all your financial ducks in a row. This includes proof of homeowners insurance and any last-minute paperwork your lender needs. It’s also smart to review your closing disclosure ahead of time, so there are no surprises when you sit down to sign. Remember to bring a valid ID and any certified funds needed for your closing costs.<\/p>\n\n\n\n

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What else should I expect at closing?<\/h3>\n\n\n\n

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At the closing table, be prepared for a signing marathon\u2014mortgage agreements, promissory notes, and the deed are all on the docket. You\u2019ll also settle any closing costs, covering things like loan origination fees, appraisals, and title insurance. Once the ink is dry and the money\u2019s transferred, the keys to your new place are officially yours!<\/p>\n\n\n

\"\"<\/div>

Claire Gallaudet<\/a><\/p>

Claire is a Mortgage Analyst at Tomo, where she explores the data and trends shaping the housing market. She is especially interested in how economic forces impact homebuyers. A Seattle native, she now lives in Austin, where she balances analysis and communications with teaching yoga and walks around the lake with her dog.<\/p><\/div><\/div>\n\n\n

If you’re ready to start your journey to homeownership, get pre approved with Tomo Mortgage today.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

At a typical lender, closing on a house generally takes around 30 to 45 days from the moment your offer gets the green light. At Tomo Mortgage, because we automate and streamline a lot of the manual back-and-forth in the underwriting process, we\u2019ve been able to cut that time down by about half (as little […]<\/p>\n","protected":false},"author":31,"featured_media":3770,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[288],"tags":[],"class_list":["post-3378","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-buying-process"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/tomo.com\/blog\/wp-content\/uploads\/2024\/08\/how-long-does-it-take-to-close-on-a-home-after-you-have-an-accepted-offer-tomo-jpg.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/3378","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/users\/31"}],"replies":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/comments?post=3378"}],"version-history":[{"count":5,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/3378\/revisions"}],"predecessor-version":[{"id":3581,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/3378\/revisions\/3581"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/media\/3770"}],"wp:attachment":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/media?parent=3378"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/categories?post=3378"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/tags?post=3378"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}