Quick close refers to the speed at which a company can successfully complete its accounting cycles and close books. Of course, while a quick close is desirable, achieving it cannot sacrifice the integrity of finances. Refinance loans tend to close faster than home purchase loans. For example, a conventional refinance takes only 44 days on average according to ICE, while a conventional home purchase takes 52 days to close.
Unless you pay cash, buying a home can be a long process. The average closing time for a mortgage is 45 days, according to Ellie Mae's January Origination Insight Report. Now, some lenders are drastically reducing closing times, which they say provides an advantage in competitive markets. It takes about 47 days to close an FHA home loan.
FHA refinances are faster and take about 32 days to close on average. Buyers who are already pre-approved when making an offer and who are in close contact with their mortgage lender will have the best chance of quickly closing a home.