How long does the whole process usually take?
From handing over documents to completion, a mortgage usually takes 30 to 60 days. The bank’s approval and the property appraisal are the slowest steps.
In this guide
The timeline, broken down
From submitting documents to the bank’s approval is typically 1 to 2 weeks. The whole thing, up to completion, usually runs 30 to 60 days.
What tends to slow it down
The longest waits are usually the bank’s approval and the property appraisal. Requests for extra paperwork along the way also stretch the process.
What depends on you
Even with everything ready, the timeline varies with the bank, the complexity of the case and how fast the parties respond. Getting documents in early and replying quickly keeps things on track.
Worked example
Two processes that look identical on paper can diverge (example figures): with documents ready up front and quick replies, it closes in around 4 weeks. With papers missing and slow responses, the same case drags out to 8 weeks or more.
Sources
Susana Vasconcelos
- Intermediária de crédito autorizada pelo Banco de Portugal n.º 0008496
- Mais de 10 anos na banca