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Old 07-30-2017, 07:08 AM
 
7 posts, read 15,851 times
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Please rank the four banks in terms of quick closing from application with contract to closing -

Mortgage with CHASE /CITIZENS/BOA/CHASE

Any experiences with citizens bank (the smallest of the four) ?
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Old 07-30-2017, 07:18 AM
 
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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 .
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Old 07-30-2017, 08:05 AM
 
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No timeline is unsettling. Wish they spend more on underwriters at front end.
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Old 07-30-2017, 08:14 AM
 
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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
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Old 07-30-2017, 10:45 AM
 
Location: Former LI'er Now Rehoboth Beach, DE
13,055 posts, read 18,116,584 times
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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.
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Old 07-30-2017, 03:34 PM
 
Location: Long Island
9,933 posts, read 23,155,300 times
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Quote:
Originally Posted by Relocation2017 View Post
Please rank the four banks in terms of quick closing from application with contract to closing -

Mortgage with CHASE /CITIZENS/BOA/CHASE

Any experiences with citizens bank (the smallest of the four) ?
BTW, I only see three different banks...
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Old 07-31-2017, 07:59 AM
 
3,521 posts, read 5,703,695 times
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Quote:
Originally Posted by Relocation2017 View Post
Please rank the four banks in terms of quick closing from application with contract to closing -

Mortgage with CHASE /CITIZENS/BOA/CHASE

Any experiences with citizens bank (the smallest of the four) ?


I see 3 banks....
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Old 07-31-2017, 11:08 AM
 
12,766 posts, read 18,378,508 times
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Yeah OP listed Chase twice.
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Old 08-01-2017, 08:50 AM
 
Location: East Northport
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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.
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Old 08-01-2017, 01:52 PM
 
Location: Long Island
9,933 posts, read 23,155,300 times
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Quote:
Originally Posted by TomMoser View Post
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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