How long does underwriting take?

In general: Underwriting can take anywhere from a few days to a few weeks. Five to eight business days is probably a good average (from the time the underwriter receives the file, up until a final determination is made).

In many cases, the underwriter will issue a conditional approval. This means he or she expects the loan to close, but needs to resolve one or more issues first. Once this “condition” is cleared, the loan can move forward.

Some borrowers don’t get any conditions. In such cases, the underwriting process does not take as long. Other borrowers get one or more conditions they must resolve, before they are “clear to close.” Underwriting tends to take longer in these scenarios.