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Hi everyone. We are in contract on a home and have a mortgage question. We have come to find out the bank (credit union) who we initially applied to and who preapproved us apparently is very slow at processing mortgages (takes more than 60 days to close once in contract) which may really mess up our timeline, as we need to be out of our current (sold) home within 60 days. Do you know of a good company/bank that has decent rates/closing costs and schedules closings fairly quickly? Or at least faster than our current credit union. Please feel free to PM me.
Hi everyone. We are in contract on a home and have a mortgage question. We have come to find out the bank (credit union) who we initially applied to and who preapproved us apparently is very slow at processing mortgages (takes more than 60 days to close once in contract) which may really mess up our timeline, as we need to be out of our current (sold) home within 60 days. Do you know of a good company/bank that has decent rates/closing costs and schedules closings fairly quickly? Or at least faster than our current credit union. Please feel free to PM me.
Hi everyone. We are in contract on a home and have a mortgage question. We have come to find out the bank (credit union) who we initially applied to and who preapproved us apparently is very slow at processing mortgages (takes more than 60 days to close once in contract) which may really mess up our timeline, as we need to be out of our current (sold) home within 60 days. Do you know of a good company/bank that has decent rates/closing costs and schedules closings fairly quickly? Or at least faster than our current credit union. Please feel free to PM me.
60 days isn't long at all. You should contact your credit union and explain your situation and see if they can move things along for you. Good luck.
No. Our issue is not 60 days. It is that, per our lawyer, our credit union is the slowest on Long Island. And DAILY calls will maybe expedite them to 60 days. And then after everything is done and processed, they tack on an extra 1-2 weeks for scheduling where other banks can schedule you as early as the next day. There has to be someone who can expedite a closing. Because of our contract with our buyers, we need to move out by Nov 3rd. If not, then the deal falls through. And if we do move out, but cannot get to closing, we will be without a house.
I think it's kinda long. When we sold our house we signed the contract at the end of May and our buyers had their commitment within 30 days. Pretty sure they went thru Chase if I remember correctly.
Just contacted a company recommended to me on here who said that if we put our pedal to the metal with paperwork, etc, we can go to closing in 5 weeks. Much better than 60-70+ days.
If all goes according to plan, we should be closing on our home by the end of September. That is 6 weeks from contract signing. Even at our meeting with our mortgage broker, he had us closing in less than 6 weeks. 60-90 days is a long time.
Our lender cleared our loan application for closing about a month after the contract was signed. It's mainly because of the title report. We provided our lender our detailed paperwork when we got pre-approved. When we formally applied the loan, we gave our lender the updated paperwork one day after the contract was signed. However, other factors may also affect the actual closing date. Admittedly, getting the lender's clearance for closing indeed is a critical one.
If you are interested in the lender that we use, please DM me when you have a chance. Good Luck.
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Mortgage
