While this does not influence our opinions on the products, we do receive compensation from partners whose offers appear here. We are by your side, always. See our full advertiser disclosure here.

Applying for a mortgage and getting approval is just one step on the way to buying a home. You will need to effectively close this loan to proceed with this purchase. And the sooner you can do it, the better.

A quick mortgage closing can help you move into your new home faster. It can also help ensure that you end up with the rate you initially blocked.

When you get approved for a mortgage, it’s common to pay a small amount to lock in your rate for a period of time. This period can be 30 days, 45 days or more. The longer your rate lockout period, the more you will pay. If your closing is delayed, it could push your closing date beyond your rate freeze period. If this happens, you could end up with a higher mortgage rate than you would like.

Sadly, Ellie Mae’s October Inception Report shows it takes longer to close mortgages than it did at the start of the year. Between September and October, the average time to close for all types of mortgages fell from 51 to 54 days, compared to 40 days in March. During this time, the average closing time of a mortgage refinancing changed from 35 days in March to 57 days in September.

Why do mortgage closings take so long?

There are a lot of steps involved in getting a mortgage loan. First of all, a lender must check your application and all your documentation. From there a subscriber should review your financial information to make sure you are a viable candidate (to be clear, this step should be taken even after a lender has approved you).

The home you are looking to buy or refinance will also need an appraisal, which will determine its market value. This is how your lender can be sure that the house is worth enough money to support the loan you are taking. If you get a $ 300,000 mortgage on a house worth $ 280,000 and you don’t pay off your loan, your lender won’t be able to sell your house and get all of their money back. As such, appraisal is something that must take place before your loan closes.

Finally, your home will need to undergo a title search. This is basically a public records search to make sure the seller has the right to sell, and that there are no outstanding liens on this house (meaning that another part has no financial interest or right in this house).

These many steps can delay the closing of a mortgage. Plus, mortgage lenders can simply be supported during times when demands are exploding. Sometimes there isn’t a specific problem with a closure per se – it’s just a matter of volume. In fact, this is one of the main reasons mortgage loans are delayed lately. Moo mortgage rates have caused an increase in requests and some lenders are struggling to keep up.

How to speed up your mortgage closing

The sooner you can close your mortgage, the sooner you can move forward with your homeownership plans, and the less worry you’ll have about your rate freeze expiring. Some blockages on the closing front may be out of your control, but you can do your part to speed up your closing. To get started, make sure you provide your lender with all the necessary documentation in a timely manner. Including:

• Two months of pay slips
• Two months of Bank account statements
• Your last two years of tax returns
• A verification letter from your employer stating that you are an employee in good standing
• Proof of home insurance (you can’t take out a mortgage without it)

Your lender may request additional documents in addition to these items. Pay attention to what is asked of you so as not to delay the process.

Finally, you can speed up the closing of your mortgage loan by simply being available in case questions about your file arise. Responding quickly could, in some cases, make the difference between keeping the price initially offered or losing it.