The total time to obtain a mortgage — from application approval to closing — is typically anywhere from 30 to 60 days. However, this timeline may change depending on several factors, such as delays in the underwriting process or appraisal scheduling.

We recommend Zillow Home Loans for first-time homebuyers because its loan process is easy to navigate. Many mortgage lenders offer guidance, incentives and special programs for first-time homebuyers, though. It can be helpful to search for reviews from other first-time homebuyers to see how they liked specific mortgage companies.

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Yes, construction loans are a type of home loan available to finance building a brand-new home. A regular construction loan is different from a mortgage because there is no existing property to use as collateral for the loan, which makes it riskier for the lender. As a result, lenders often charge higher interest rates and require larger down payments for construction loans.