How long does it usually take to be approved for Point?
Point is designed to be quick. The total process can take as little as 20 days and that is the target time we strive for to hit.
- Pre-qualification takes less than 5 minutes.
- If you are qualified, you will complete an online application and submit supporting documentation. We will give you an estimate within a few days of receiving your application materials.
- Depending on your availability, we can usually complete an appraisal within 1 week.
- After closing and a 3-day rescission period, it usually takes 1-2 days to file the Memorandum of Option and Security Instrument with your county recorder's office.
- And then the escrow agent will send the money immediately.
Of course, there are times when we have a large number of applications to process, resulting in delays. Similarly, some of our underwriting processes (income verification, title verification, insurance verification, etc.) can introduce delays as they are dependent on 3rd parties.