How Long Does It Take to Close on an Assumable Mortgage?

The honest answer: 45-90 days from offer acceptance to closing. Some go faster. Some take longer. Here's what determines where your deal falls on that timeline.

The Typical Timeline

Weeks 1-2: Offer and acceptance. Standard real estate timeline. You make an offer with an assumption contingency, negotiate, get to agreement.

Weeks 2-4: Assumption package submission. Your assumption processor compiles your documents and submits the package to the loan servicer. Getting your paperwork together quickly is the single biggest thing you can control.

Weeks 4-8: Servicer review. This is the variable part. The servicer reviews your application, verifies income and credit, and makes their decision. Some servicers have dedicated assumption teams that process efficiently. Others... don't.

Weeks 8-10: Closing preparation. Once approved, title work, closing documents, and scheduling happens. Similar to a regular closing process.

Week 10-12: Closing day. Sign papers, transfer funds, get keys.

Some deals close in 30-45 days. I've seen it happen when the servicer is efficient and the buyer's paperwork is tight. Others stretch to 90 days or even a bit longer, usually because of servicer delays.

What Causes Delays?

1. The servicer. This is the biggest factor and the one you have the least control over. Some servicers process assumptions quickly because they have experienced teams. Others treat assumptions like a nuisance and drag their feet.

Why would a servicer drag their feet? Because they'd rather keep the low-rate loan on their books (more interest income for the loan holder) or they'd rather the borrower default so the loan gets refinanced at a higher rate. It's not in their financial interest to process assumptions quickly. But they're legally required to do it.

2. Incomplete buyer documentation. If you're missing pay stubs, bank statements, or other docs, everything stops until you provide them. Have your documents ready before you even make an offer.

3. Title issues. Liens, encumbrances, or title problems can slow any real estate transaction, including assumptions.

4. Seller delays. If the seller is slow to respond to requests or provide their side of the paperwork, it adds time.

How to Speed Things Up

Work with an experienced assumption processor. This is non-negotiable. Companies like UMe and Roam have relationships with servicers. They know the right contacts, they know which forms are needed, and they know how to escalate when things stall.

The difference between having an assumption processor and not having one is like the difference between having a good accountant and doing your taxes on a napkin. Both technically work, but one is going to go way smoother.

Have your docs ready. Before you make an offer, gather:

• Last 2 months of pay stubs
• Last 2 years of W-2s
• Last 2 months of bank statements
• Photo ID
• Signed credit authorization

Respond to requests immediately. When the servicer asks for additional documentation, get it to them the same day if possible. Every day of delay on your end compounds.

Set expectations with the seller. Make sure the seller understands the timeline. A 60-day closing is not unusual for assumptions. If the seller is expecting 30 days, manage that expectation upfront.

Seller Protection During Extended Closings

One concern sellers have: "What if closing takes 90 days? I'm still making mortgage payments that whole time."

Companies like Roam have a seller protection plan that covers the seller's mortgage payments if closing takes longer than 45 days. This removes a major objection and makes sellers more comfortable with the assumption timeline.

Is the Wait Worth It?

Let me put it this way: you wait 60-90 days and save $1,000/month for the next 25 years.

A traditional mortgage might close in 30-45 days and cost you $1,000 more every month for the next 30 years.

Would you wait an extra month to save $300,000? I know my answer.

The assumption process requires patience. It's not a quick flip. But the financial outcome makes the wait look trivial in hindsight. Every single buyer I've worked with who closed on an assumption says the same thing: worth it.