Buying a home usually takes 30 to 60 days from accepted offer to closing, and the whole search can take months.
Timeline
From accepted offer to closing takes 30 to 60 days on average (Ellie Mae/ICE Mortgage Technology reports about 45 days for purchase loans).
Steps
- Pre-approval: 1 to 3 days.
- House hunting: weeks to months.
- Offer and contract.
- Inspection: 1 to 2 weeks.
- Appraisal and underwriting: 2 to 4 weeks.
- Closing.
Whole process
From starting the search to getting keys often takes 3 to 6 months.
Cash purchase
Can close in 1 to 2 weeks.
Delays
Appraisal issues, financing problems, title problems.
Tips
Get pre-approved, keep finances stable and respond quickly to lender requests.
Costs
Closing costs run 2 to 5 percent of the purchase price.
The overall timeline
Buying a home with a mortgage typically takes 30 to 60 days from accepted offer to closing, with many closings falling around 45 days, according to ICE Mortgage Technology data. The full process from starting to look until getting keys commonly takes 3 to 6 months, and it can take longer in tight markets.
Steps and typical time
- Get preapproved for a mortgage: a few days to 2 weeks. Gather pay stubs, tax returns, bank statements and credit information.
- Search for a home: from a few weeks to several months, depending on market and budget.
- Make an offer and negotiate: 1 to 7 days.
- Earnest money deposit, typically 1% to 3% of price, within a few days.
- Home inspection: scheduled within 5 to 10 days of contract and takes 2 to 4 hours.
- Appraisal: ordered by the lender, often completed within 1 to 2 weeks.
- Underwriting: typically 2 to 4 weeks, as the lender verifies income, assets and the property.
- Title search and insurance: runs in parallel.
- Final walk-through: 24 to 48 hours before closing.
- Closing: signing documents, paying closing costs and receiving the keys, usually taking 1 to 2 hours.
Cash purchase
Paying cash can shorten the process to 1 to 2 weeks, since there is no appraisal, underwriting or loan processing. Title work and inspection still take time.
Common delays
- Appraisal below the purchase price.
- Issues with title, liens or survey boundaries.
- Changes in the buyer’s job, credit or debt during underwriting.
- Missing paperwork or slow responses.
- Repairs requested after inspection.
- Seller delays or a chain of connected sales.
- New construction timelines.
Tips
- Get preapproved before touring houses.
- Avoid opening new credit, changing jobs or making big purchases before closing.
- Respond to requests from the lender and agent quickly.
- Lock your interest rate when you are comfortable with it. Locks usually run 30 to 60 days.
- Schedule inspection early and keep a contingency period for the loan.
Costs
Closing costs usually run 2% to 5% of the loan amount. Buyers also need a down payment, 3% to 20% or more, and money for inspection, appraisal and moving costs.
Closing steps in detail
Once an offer is accepted, a typical purchase with a mortgage closes in 30 to 45 days, according to ICE Mortgage Technology. Steps include earnest money deposit (1 to 3 percent of price), inspection within 7 to 10 days, appraisal, underwriting and final walkthrough. The Closing Disclosure must be given to buyers at least 3 business days before closing under federal rules. Searching for a house before an offer can take weeks to months. Closing costs average 2 to 5 percent of the purchase price. Delays commonly come from appraisal gaps, financing issues or title problems. Cash purchases can close in 1 to 2 weeks.
Based on data from the Consumer Financial Protection Bureau and ICE Mortgage Technology
