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A loan approval process should take anywhere from 1 day to 1 month, depending on the size and type of loan applied for, as well as the credit risk and underwriting needed for the borrower. loan approval process should take anywhere from 1 day to 1 month, depending on the size and type of loan applied for, as well as the credit risk and underwriting needed for the borrower.
In other words, after your home purchase offer is accepted you'll have 30 days to obtain mortgage loan approval and close on the deal. Your mortgage lender will need to see your accepted purchase offer in order to begin final loan approval though.losing Time Frame. Once a mortgage loan is given final approval, most home sale closings can take place very shortly thereafter. In fact, some mortgage lenders may be comfortable with home sale closings two to three days after a mortgage loan application's final approval.