How Long Does It Take To Close On a House?

Woman at a desk reviews closing documents on a laptop.

If you’ve found the house of your dreams and made a successful bid, you’re in the homestretch. You may be eager to grab the keys and move in, but it’s important to take the time to properly close the deal to avoid any expensive oversights.

It typically takes between 30 and 60 days to close on a home, with closing times in 2021 averaging about 49 days, according to ICE Mortgage Technology.

How you pay for the home can affect how long it takes to close. If you’re buying with cash, the closing process speeds up considerably, and you can close in just a week or two. That’s because you’ll be able to skip all the individual steps it takes to get approved when you need a mortgage.

What Delays Closing on a House?

Problems that could delay closing include:

  • The buyer fails to get a loan approved.
  • The buyer is unable to make the down payment.
  • The seller fails to complete agreed-upon repairs.
  • There are claims on the title, or liens against the property.
  • The home appraises for less than the sale price.
  • Issues are discovered during the home inspection.
  • The loan officer is inexperienced.

Tips to close on schedule

FAQ: How Fast Can You Close On a Home?

Here are answers to some frequently asked questions about closing on a home.

How can I speed up the closing process?

You can speed up closing by getting preapproval from a mortgage lender. This ensures you’re ready to apply for the loan, and you can be reasonably certain you’ll be approved.

It’s also a good idea to schedule the home inspection right after your offer is accepted. If the inspection reveals problems that need repairs, you’ll have a head start on them.

What can affect closing on a house?

Your closing can be delayed if the seller has failed to complete agreed-upon repairs. If you’re unable to secure financing or come up with the down payment, you may need to back out of buying the home. Issues with the title or unpaid liens against the property also can delay closing.

Does closing on a house mean you get the keys?

Yes, usually. After you’ve paid closing costs and signed all the necessary documents on closing day, and the seller and other parties have been paid, the title of the home will be transferred to your name, and you’ll get the keys. It could take one or two business days for the fund transfers to be confirmed, which means you may have to wait just a bit longer to get those keys in hand.

How long does it take to close on an FHA loan?

As with conventional loans, it usually takes between 30 and 60 days to close on a loan backed by the Federal Housing Administration.

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