Buying a high-value home with a jumbo loan, step by step
Step 5: a contract timeline that fits
In brief
Build the contract around three clocks: the appraisal, underwriting and the Closing Disclosure, which you must receive at least three business days before closing. Jumbo files often need extra time for appraisal review and document conditions, so a longer financing contingency can protect your deposit.
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Typical sequence
- Preapproval with documents reviewed.
- Offer accepted and Loan Estimate received.
- Appraisal ordered and reviewed.
- Conditions cleared.
- Closing Disclosure, then closing.
Buyer questions
How long does a jumbo loan take to close?
It varies by lender and file. Ask each lender for its current timeline and plan the contract around it.