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Old 09-16-2009, 10:55 AM
 
Location: "The Gorge"
905 posts, read 3,063,913 times
Reputation: 712

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We just put on offer on a hot property at a great price. The seller wants to move fast. He has multiple parties interested in the property. They want the mortgage finalized by Sept 30th although we will not be closing until Oct 30th.

Is 2 weeks doable?
How can we save $ on closing costs?
I am all ears for you tips and suggestions, bring it on!

TIA
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Old 09-16-2009, 11:22 AM
 
777 posts, read 2,272,876 times
Reputation: 489
Two weeks to get approval should be doable as most mortgage places are NOT busy right now. That is provided you can get all your paperwork done asap. Delays in getting current pay slip, tax return, etc will slow you way down.
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Old 09-16-2009, 11:22 AM
 
Location: State of Being
35,885 posts, read 67,029,152 times
Reputation: 22370
Gosh, I noticed no one had answered . . . a good realtor who is closing lots of properties would be your most likely source of a recommendation on who is doing efficient closings. I am hearing folks say it is taking longer than usual to get things finalized so I have no good info to share.
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Old 09-16-2009, 11:30 AM
 
Location: Noth Caccalacca
5,554 posts, read 6,671,104 times
Reputation: 4847
Being a first-time homebuyer and having my funds in a credit union which did not do out-of state mortgages, I used Lendingtree.com. I thought about getting a mortgage at the beginning of November 2005 when I was closing on the house here on November 30th. Everything worked out fine!
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Old 09-16-2009, 12:09 PM
 
4,010 posts, read 8,926,873 times
Reputation: 1585
Quote:
Originally Posted by CRock View Post
.....
How can we save $ on closing costs?
......
Speed and cheap don't usually go hand in hand. Two weeks is agressive especially in this economy. I'm gonna say that you don't even want to think of going FHA.

However your best bet for saving money is to get loan offers from several lenders in writing and look at the closing costs they are hitting you up with. Pay attention to each item on the list. If you don't know what it is, then most likely it is nothing more than pure profit added for their benefit. All of the non expense stuff is negotiable. (Expense items are apprasal, lawyer fee, stamps, etc) Things like loan origination fee, buy downs, etc. are all items where they will get you. Unfortunately this will take some work, but you can save 1000s if you do this, often neglected, piece of work. Your ability to negotiate will depend in part, how credit worthy you and your wife are and how much you are bringing to the table in terms of down payment.
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Old 09-16-2009, 12:15 PM
 
Location: Noth Caccalacca
5,554 posts, read 6,671,104 times
Reputation: 4847
You might be able to expedite things if you were looking for a fixed-rate mortgage with 20% down. The time for "No money down" type mortgages are long over!
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Old 09-16-2009, 12:16 PM
 
Location: Up above the world so high!
45,270 posts, read 88,327,988 times
Reputation: 39846
Quote:
Originally Posted by CRock View Post
We just put on offer on a hot property at a great price. The seller wants to move fast. He has multiple parties interested in the property. They want the mortgage finalized by Sept 30th although we will not be closing until Oct 30th.

Is 2 weeks doable?
How can we save $ on closing costs?
I am all ears for you tips and suggestions, bring it on!

TIA
C, I'll dm you, I have a name for you!
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Old 09-16-2009, 12:17 PM
 
Location: Noth Caccalacca
5,554 posts, read 6,671,104 times
Reputation: 4847
Quote:
Originally Posted by rjdavenport View Post
Do you hate paying rent???

If you are tired of paying rent, I may be able to help you!
I have financing programs in place that can help you purchase a brand new home with as little as 500 down !
We can get your down payment and closing costs PAD!
If you are in North Carolina and you want to become a home owner just call 704-968-1858 and ask about the 500 down home purchase program.
Itís free to find out if you qualify and you DONíT need perfect credit!
Call 704-968-1858 or email me at rjdavenport3@gmail.com and let me help you buy your home today!
Isn't the above scenario representative of how we got into the mortgage crisis?
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Old 09-16-2009, 12:32 PM
 
Location: "The Gorge"
905 posts, read 3,063,913 times
Reputation: 712
Thanks everyone! I have been on the phone for the past 1.5 hours with 3 different mortgage folks. It sounds like the 2 week time frame might be a little tight to get an appraisal and underwriter approval.
It is not out of the question but a little tight. Hopefully the seller will give a little on that time frame.

As for rates I am being quoted 5 1/8%, and 0 pts. That is with 30% down and this is a 2nd home.

Interesting how things have changed. The govt now requires Mortgage Co's to call an Appraisal management co to set up the appraisal. No more using a preferred appraiser. One loan guy said that adds at least 3 days to the process.

So far we do not have a good faith estimate for closing costs but they seem to run about 3% of the selling price.
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Old 09-16-2009, 12:36 PM
 
Location: United States of America
203 posts, read 436,618 times
Reputation: 160
Quote:
Originally Posted by TheEmissary View Post
Isn't the above scenario representative of how we got into the mortgage crisis?
yeah I was just about to say the same thing...I thought guys like this were back to flipping burgers.
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