Perhaps you’ve just relocated to a new city, are hoping to move into a larger home as you welcome a newborn into the world, or have just put your current home under contract. No matter the circumstances driving your new home purchase, you’re likely eager to get your mortgage loan application moving so you can start life at your new residence. So just how long does it take to get a loan approved?
With most lending institutions, the time from contract to close is typically 30 to 60 days with specialized loans like FHA loans, typically taking longer than conventional ones. But the steps of the mortgage process don’t have to take that long. At OVM Financial, we can get a completed loan application to final approval in 20 business days or less. That’s part of our 20-Day Clear process.
How to get a loan approved in 20 days
If you’ve gone through the mortgage loan process previously, you may be wondering how OVM is able to get a loan approved in 20 business days. The answer is in our streamlined process. Here’s how to access speedier loan closings with OVM as your lending partner:
- Use our Quickstart App to apply for a mortgage loan online, submit needed documentation, and get fast preapproval.
- Meet with your loan officer, who will set up a 20-day timeline for closing with internal milestones to make sure OVM can give you a close date you can count on.
- Enjoy updates on the mortgage application process via email, text, or phone call.
- Access your personal, dedicated loan officer whenever you have a question or want an update. You’ll work with the same OVM team member from application submission through closing.
Are all loans eligible for 20-Day Clear?
Most loans are eligible for the 20-Day Clear process, including conventional mortgage loans as well as FHA and VA loans.
The 20-Day Clear is not a guarantee since some loans may have documentation requirements that can slow the approval process; however, if your OVM loan officer deems your loan eligible for closing within 20 business days, then you can count on that closing date.
Do you have more questions about how long it takes to get a loan approved and what conditions or documentation requirements you might need to meet? Check out our library of resource articles, including, “Does age affect your mortgage application?” and “What does a conditionally approved loan mean?“