A single individual at a lender with the computing power of a Commodore 64 surrounded stacks of paper files is expected to review and approve not only all of your files documents, but those of 16 other files within a single workday.
The process depends on a complete documents package being submitted on day one and that will receive the fastest response, and even then that response may well be two, three, or even five business days away is vital.
Switch – Submit 45 days in advance – ‘File Complete’ 30 days prior to maturity
Refinance – 10 business days for review, 30 days to fund from date of submission
Purchase (no conditions) 5-10 business days for review – ‘File Complete‘ 15 days prior to funding
Purchase (with conditions) 3-5 business days for review – ‘File Complete‘ 15 days prior to funding