The mortgage process typically takes 30 to 45 days, though timelines can vary based on loan type, documentation, and appraisal scheduling. Responding quickly to lender requests and submitting complete paperwork can help prevent delays.
Most mortgage applications require recent pay stubs, W-2s or tax returns, bank statements, proof of assets, and identification. Self-employed borrowers may need additional documentation. Having documents ready helps streamline the loan approval process.
If an appraisal is lower than the purchase price, options may include renegotiating with the seller, increasing your down payment, disputing the appraisal, or switching loan programs. A low appraisal doesn’t always mean the deal is over.