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Old 08-24-2012, 08:02 AM
3,597 posts, read 6,706,693 times
Reputation: 1459


Kinda of annoyed at mortgage company. I signed real estate contract on July 23rd (and completed mortgage app also and uploaded everything I could on July 23rd).

Was hoping to close in 3 weeks and its taken me until August 23rd to get final approval. Since I can't get off work until close to 3pm today (Friday August 24th). Closing real estate lawyer said we can sign papers at 430pm but funding probably won't be available from bank until Monday. (we aren't using buyer/seller agent). So we are now looking in reality of August 27th funding.

This is my 3rd house I have brought so I know what I am doing (in terms of what mortgage companies want).

I have 800 plus credit. Zero debt. Doing conventional loan under 417K with more than 20% downpayment. I am self employed x 8 years in same field. My "net income" even after my business deductions is well over 250K a year and my mortgage I am looking at is less than $1500 a month ($2200 once taxes/insurance) are factored in. My gross business income the past 5 years has averaged $500K. It's just me in the business. So I am buying a home well below my means. I can pay off home in cash if I really wanted to but with my interest rates close 3% and my money in dividend yielding ETFs and stocks are closer to 6%, it makes more sense to keep money in the market.

So finances aren't an issue with the mortgage company. I am very organized with all my finances. Everything is PDF'd forquick access.

My first home I got funding within 18 days with Bank of America directly (2005). My second home took 20 days (height of credit freeze in early 2009) with broker (who went went with Provident funding). This home is with a broker also so not sure who the eventual loan funding company is yet. I know Fannie will probably rebuy loan within 30-45 days.

Can people close within 21 days these days with financing? I think PNC guarantees 22 days? I know there's not much difference between 30 days (for me closing) vs. 21 days. But I expected funding to be available faster. The excuse "loan companies are swamped with business is not valid" Cause our close friend is closing agent and says many of them sit on the butts and wait till last week to really start working on the actual funding process. She says if everything is in place you should in reality be able to close within 14 days.
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Old 08-26-2012, 10:55 PM
33 posts, read 187,216 times
Reputation: 36
A lot of it is out of the mortgage company's control depending on what kind of mortgage company you are using. If they are a broker, they don't do in house underwriting. You and they are at the mercy of the broker's underwriting. Yes being busy DOES make a difference. Some companies are busier than others. The time that your appraisal took to come in makes a difference as well. There are other outside forces that come into play.

Your credit score, income etc. really doesn't matter unless you were in the subprime category which takes longer but is also a moot point these days anyway.

Funding should be the same day if they wire funds. Truthfully the company you are working with makes a lot of difference, but 3 weeks in this market is tight unless you're in a situation where you absolutely have to close (deal will die, you'll be homeless etc.), OR you were promised.
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Old 08-29-2012, 11:42 PM
3,805 posts, read 9,188,187 times
Reputation: 4978
Banking is a very different landscape these days. Think about a huge commissioned sales force being serviced by a stripped down, overworked team who processes your loan.

That said, 30 days is good. If I made the rules, title companies, appraisers, and underwriters would be working at 1AM like I am now, but what are you gonna do?
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Old 08-30-2012, 05:48 AM
Location: Wake Forest, NC
835 posts, read 3,943,952 times
Reputation: 650
21 days can easily be done for a purchase even in this market. Most lenders that I work with are at 5 days or less for intial underwiting on purchases leaving 2 weeks to clear conditions and get to closing.

Just had a client on a refi leaving country for 2 week vacation so asked a lender to get it to the table in 17 calendar days- they nailed it. Client closed at 9 and hopped on their plane at 4.
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Old 08-30-2012, 09:18 AM
1,021 posts, read 1,623,054 times
Reputation: 1816
A month isn't really that long to close. And since you signed the papers on a Friday the banks don't fund on the weekend so getting funded on monday would still be fast since it could easily be tuesday or wendnesday.
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