These days it can take anywhere from two weeks to two months to get a loan commitment from
the bank, depending on how complicated your application is or how flooded your lender is at
the time you apply. If your loan is fairly standard, you should be able to get a commitment
within two to four weeks after you apply.
Once the lender says it will give you the money, you'll probably still have some hoops to
jump through. Most commitment letters come with certain conditions that you'll have to meet,
like providing more financial information or submitting to a final inspection of your
property.
You won't actually get your hands on the money until you close the deal, usually a week or
two after you get final approval from the bank. Don't dawdle. Loan commitments expire about
45 days after you receive them and the rates and terms you agreed to may have to be
renegotiated with the bank. All in all, you should count on it taking six to eight weeks
from the time you apply until the home is yours.