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How long does mortgage approval take after a buyer goes to contract?
In NYC, mortgage commitment typically takes 30 to 45 days after contract signing. Co-op sales add another layer - the bank must also approve the building itself, and board review follows lender approval. Rate lock expirations are a real risk during extended timelines. Build commitment deadlines into your contract and require written proof of rate lock to protect against last-minute financing failures.
From the seller playbook: Financing Timeline Compression
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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