After the offer and contract have been negotiated and accepted, the mortgage contingency period will begin. Contracts generally allocate 45 days to obtain a mortgage commitment. Due diligence now begins in earnest with the ordering of inspections, title insurance, environmental and survey (if needed). Once received, the mortgage processors review the title, appraisal, and environmental issues if any, to build their file for closing. The contract should best case allow 90 days for closing but closings often occur in 45 to 60 days on average. How can I know if I qualify for a loan to purchase an inn? A Prequalification involves the review of a loan application and supporting documentation, and is comprised of data and documentation for the buyer/s and quite often a property that is of interest to the buyer/s.