The big picture
Every purchase moves at its own pace, but most follow the same path: get pre-approved, shop for a home, go under contract, then work through inspection, appraisal and underwriting until closing. The first two stages are mostly up to you. Once you're under contract, the dates in your purchase agreement set the schedule.
Step 1: Get pre-approved
A pre-approval shows your price range and tells sellers you're ready. CapCenter's online application takes about 15 minutes and uses a soft credit check, which doesn't affect your score. Most clients receive a pre-approval letter the same day. A pre-approval is usually good for 60 to 90 days and can be updated if your search takes longer.
Step 2: Shop and make an offer
This is the most flexible part of the timeline. Some buyers find a home in a week. Others search for months. Touring with an agent, knowing your must-haves and having your pre-approval letter ready can help you move quickly when the right home comes along. Once you and the seller sign a contract, the closing clock starts.
Step 3: Under contract
The early days under contract are busy. A typical order looks like this, though your contract's dates come first:
You'll receive your Closing Disclosure at least three business days before closing. Compare it with your Loan Estimate and ask about anything that changed.
- First days: deliver your earnest money deposit and schedule the home inspection
- First week or two: inspection, repair negotiations and your rate lock
- Next few weeks: appraisal, title search and underwriting
- Final week: clear any last conditions, get your Closing Disclosure and do the final walk-through
- Closing day: sign, fund and get your keys
How long closing takes
Most CapCenter purchases close in about 30 days from contract, and we can often close faster when the timeline calls for it. CapCenter also offers an On-Time Closing Guarantee on purchase loans when we receive your completed application at least 21 days before the settlement date in your original contract. Limitations apply; see Offer details for the terms.
What delays closing most
- Missing or late documents
- A low appraisal or appraisal scheduling delays
- Title problems, like an old lien
- Changes to your job, income or credit during the process
- Repair negotiations that drag on
Keep it moving
- Unfreeze your credit at the three bureaus before you apply
- Have pay stubs, W-2s, bank statements and ID ready
- Respond quickly to document requests
- Lock your rate once you're under contract, when it makes sense for you
- Avoid new credit, big purchases or moving large sums until you close
- Line up homeowners insurance once your offer is accepted
