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from what i seen each case is different based on personal situations. what usually happens is you get up to almost closing and they all fire back requests for different things . depending what additional info they want the delays are longer or shorter .
the problem is until you get through certain stages the additional info is a moot point .
case in point .
my daughter was buying a co-op so at the very end the underwriters wanted a release from the co-op so if they foreclosed they would not be subject to a flip tax .
of course the co-op refused to do that and so now the bank wanted to renegotiate the down payment to include that money , which they did .
we had given my daughter a sizable wedding gift . so now the underwriters needed documentation from us that it was not a loan . they also looked in to us a bit to make sure we could afford a sizable gift like that and the fact we wouldn't want to be paid back made sense to them .
this is why i say each situation is different as you wind through the process
Just as Mathjak stated your question is not really possible to answer unless every bank is looking at the same customer base at the same time. Every house starts out on essentially equal footing regarding what the bank requires you to submit. From there on out it becomes a crap shoot. A title search showing an unpermitted addition = additional time, an unsatisfied lien = additional time, a gift, as suggested above = additional time. The bank is also only as fast as the title search company and that depends on their variables. Now if you want an average, call each and see what they tell you.
The ones you listed are all about the same in terms of timeliness. The problem is that the big banks process and underwrite remotely and the file passes through many hands along the way, each of which may request additional information. If your main concern is a fast closing, I would suggest going with a local mortgage company.
The ones you listed are all about the same in terms of timeliness. The problem is that the big banks process and underwrite remotely and the file passes through many hands along the way, each of which may request additional information. If your main concern is a fast closing, I would suggest going with a local mortgage company.
I second that. You want a lender that has local, on-site underwriting.
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