Home loan

[Anonymous]

How much time does the home loan take to get sanctioned ?

[Mortgage-Specialist]

Depending on the lender, it takes 3 weeks to 2 months to close your loan. But for your loan to get sanctioned,  after your application is submitted to underwriting,, it can take 1 day to a couple of weeks before you get sanction status. This question would need to be directed to your LO since there's such a broad gap between lender turn times.

[House2021]

What does sanction mean 

[Mortgage-Specialist]

It appears they used that term instead of  "approval" so I went along with their verbiage 

[xenon3030]

If you had a pre-approval letter in advance (e.g. before submitting the offer), it only requires appraisal and your updated assets to approve your loan and complete the UW. It may take only ~1-3 days but it may also depend on the location. Check with LO on the timeline to meet the closing date properly.

At the end, it is good to recieve the CD, minimum 3 days before the closing.