How Long Does Mortgage Refinancing Take?

Refinancing a mortgage means replacing your current home loan with a new one—usually to get a lower interest rate, reduce monthly payments, or switch from an adjustable to a fixed-rate mortgage. But how long does the process actually take? While it varies from person to person, here’s what you can expect.

Typical Timeframe

In most cases, refinancing a mortgage takes about 30 to 45 days from start to finish. However, it can go faster or slower depending on your lender, paperwork, and financial situation.

What Can Delay the Process?

Several factors can slow down your refinance, including:

• Incomplete or incorrect paperwork

• Low home appraisal value

• Credit issues

• Lender backlogs or high demand

• Title problems or missing documentation

The more prepared you are, the smoother and faster things will go.

Step 1: Application (1–5 Days)

The first step is submitting an application to your lender. You’ll provide personal information, income details, and info about your current mortgage. This can often be done online and may only take a day or two.

Step 2: Document Collection (3–7 Days)

You’ll need to gather important documents such as:

• Recent pay stubs or proof of income
• Tax returns and W-2s
• Bank statements
• Current mortgage statement
• Homeowners insurance information

Organizing these ahead of time can save you days.

Step 3: Loan Estimate and Disclosures (1–3 Days)

After reviewing your application, the lender gives you a Loan Estimate, which includes your new loan terms, interest rate, and closing costs. Review this carefully before moving forward.

Step 4: Home Appraisal (7–10 Days)

Many lenders will require a home appraisal to verify your home’s current value. Scheduling and completing the appraisal can take about a week or more, depending on availability.

Step 5: Underwriting (7–14 Days)

Underwriting is when the lender closely reviews your financial information, credit score, and appraisal results. If everything checks out, they’ll approve your refinance. If more documents are needed, it can delay this stage.

Step 6: Closing (1–5 Days)

Once approved, you’ll sign the final paperwork. This usually happens at a title company or attorney’s office. After closing, your new loan replaces the old one, and your first payment on the new loan usually begins the next month.

Tips to Speed Things Up

• Respond quickly to requests from your lender
• Have all your documents ready before you apply
• Keep your credit steady—avoid new debt or large purchases
• Work with a lender known for efficient processing

Final Thoughts

Mortgage refinancing isn’t an overnight process, but with good preparation, it can go smoothly. Plan for about 30–45 days and keep communication open with your lender. The time spent is often worth it when you consider the long-term savings.