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FDIC-Insured - Backed by the full faith and credit of the U.S. Government
Buying a property can be a daunting process, especially when you’re not sure how long it will take.
Our step-by-step guide maps the route to your new home, and gives a rough estimate of the time frames involved.
Bear in mind, each property transaction is different and your journey to owning a home may take more, or less, time than outlined here.
The length of this stage depends on how long it takes you to find the kind of home you want at a price you can afford.
Getting a pre-qualification letter from a lender will give you a clear idea of how much you may be able to borrow. So it’s worth doing this before you get deep into your property search.
You’ll also want to research areas to make sure you choose one that’s right for you.
Once you’ve found a property you want, you can make an offer – most likely through a real estate agent.
Once you’ve found your home and had an accepted in principle, you can make a formal mortgage application.
The process involves detailed checks of your finances and credit report.
Your lender will conduct its own valuation of the property, which can take around 2 weeks.
It typically takes a couple of weeks from completing an application to receiving a formal mortgage offer – but in some cases, it can take longer.
You’ll need to hire a lawyer or licensed conveyancer to handle the legal aspects of the property purchase.
Without issues or hold-ups, the conveyancing process can take around 6 weeks. But it can take a few months if there’s a ‘chain’ transaction. This is when a number of transactions need to happen at the same time for them all to go through.
For example, if you’re buying a home from someone who’s also buying a new place, it creates a chain of buyers and sellers that need to move at the same time.
It’s a good idea to conduct your own property survey to flag any potential problems. This is different from a mortgage valuation, which is carried out by and for the lender only.
The survey itself should take only a few hours and most surveyors should be able to produce a report within a couple of weeks.
All being well, your lender should be able to approve your mortgage, which can take between a week and a month.
Following final approval, you’ll receive your closing disclosure.
Now it’s time to schedule your closing, sign documentation, and get the keys to your new home. Good job!
Your home may be repossessed if you do not keep up repayments on your mortgage.
