How Long Does The Process Take for a Second Mortgage?

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The answer to this question can vary. Generally, second mortgages take anywhere from 2-3 weeks to fund. If there is a problem on title, or a correction that needs to be made on the appraisal, then the second mortgage process will take longer.

Fortunately, most mortgage brokers or lenders will take only a few days to approve a loan through underwriting, once they have received a complete submission.

Most lenders would like W2 from the last 2 years, a month worth of pay-stubs, a copy of the mortgage note, and a mortgage statement or coupon from both your first a second mortgage loans.

Most banks will require an appraisal review, unless only a statistical appraisal is required. Once title, appraisal, and income verification has been completed, underwriting will clear the loan for the closing stage, after the documents are drawn up by escrow. After you sign loan documents, there is a 3 day right of r escission, and after that time elapses the lender will disperse the loan funds, and the money is now in your hands.

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Answers from the Experts at Second Mortgage

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