How long does it take from pre-approval of a mortgage to signing the deed?
The process can take 4 to 12 weeks. Learn what influences the timeframe and how to avoid delays.
From pre-approval to closing: How much time can I expect to wait?
If you have already obtained the pre-approval for the housing loan, the next step is to finalize the purchase of the property and sign the deed.
But how long does this process take? The answer depends on several factors, but on average, it can take between 4 and 12 weeks.
Property evaluation (1 to 2 weeks)
After pre-approval, the bank needs to ensure that the property has the appropriate value for the requested mortgage credit.
To do this, schedule a bank evaluation, a process that may take about one to two weeks, depending on the availability of appraisers and the time it takes to receive their responses.
Find out here: What is the impact of property appraisal?
Final credit approval (1 to 3 weeks)
Based on the property evaluation, the bank analyzes all documents and gives final approval for the credit. If everything is in order, the credit contract will be drafted. This step can take one to three weeks, depending on the complexity of the process.
3. Draft issuance and deed scheduling (1 to 2 weeks)
After final approval, the bank issues the draft contract and coordinates with the buyer, seller, and notary office to schedule the signing of the deed. The speed of this step depends on the availability of the notary and obtaining documents, which may take an additional one to two weeks.
Read more: Home purchase: What should I know about the deed?
Possible delays
It is necessary to take into account that some situations may delay the process, such as: - Errors or lack of documents; - Problems with previous records or mortgages; - Notary office's schedule; - Need for approval from external entities (for example, if the property has a special ownership regime).
How to speed up the process?
To avoid delays and ensure that the deed takes place as soon as possible, you must gather all necessary documents in advance, maintain frequent contact with the bank, seller, and notary, and also make sure that the property has no irregularities or pending records.
If you have a credit intermediary from Poupança no Minuto by your side, the process can be speeded up, with a specialized agent dealing with resolving possible challenges and all the bureaucracy for you! Find the best offer on the market with our help, in a close and fast process, simulate now here: