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we closed in 21 days. the quick close was part of our initial offer. before we included it though we did confirm, reconfirm and reconfirm for a third time with our mortgage guy to make sure it was 100% possible. they stayed on track the entire time.
Does the typical closing take 30 days? Is that really necessary or is that just to give them extra time if needed?What's the norm...
Is it possible to close within 2 weeks-from time to signing the locked rate to the final date?
Depending on how quickly you and your lender can put together a complete file, you can close within a day or two of the appraisal. I've seen loans go from application to closing in 24ish hours (very very very few such loans, but it can happen when necessary).
As everyone said it depends on the lender and on you. Some lenders take longer than others, and a lot depends how quickly you, the Realtor, attorney and others can get the documents to the underwriter.
I have done closings in 5 business days from application to closing, but that is rare and requires lots of teamwork and some luck. On purchase 20-30 days is common to make sure there is time to take care of any snags.
Five Months and Waiting with Bank of America (nothing out of the ordinary except the wait)
I locked in a great rate for refinance back in late February 2009 with (at the time) Countrywide who is now Bank of America Home Loans. They asked for the normal paperwork (pay stubs, bank statements, etc.) and I sent them in with the preliminary loan docs as soon as I got them in the mail. They received them by the end of March.
I contacted the the guy I locked in with - with some questions but he didn't seem to want to take ownership of the loan; he just kept feeding me some BS about how there were so many people trying to refinance and that new government programs being rolled out just had the whole loan processing system backed up. He even told me that mine was considered an 'easy loan'; just some pencil pushing.
In late May I got an email from the loan processor who said they would begin looking at my loan on July 1. WTF!!! In early June I got a call from another BOA rep who said I needed to fax recent statements to them because the ones they had were too old -- well no sh*t!!
I called the manager of the guy I locked in with and let him know my frustrations with how long it's taking. His response was basically "We are Bank of America -- the largest lender in the world. We process more home loans than anybody in the fastest time." HELLO...??
Today is July 9 and I still don't when-TF my closing date is. I guess they're just milking the slightly higher rate I'm at now; 5.125% and going to 4.365%.
cybergoose, you should look into getting a new loan with another lender. I started out attempting to get a mortgage with BOA but it seemed like every other day, they were calling me and changing their loan criteria and telling me I needed to put more money down or my home was in a declining area, etc, etc. H-E-L-L-O! I thought all real estate now days was in a declining area. Anyway, it was very frustrating to say the least. I ended up going to a mortgage broker after that, and other than it taking 12 days to get our appraisal back to us, everything went smoothly.
Interesting how different things are in different parts of the country!
Our contracts in downstate NY stipulate loan commitment within 45-60 days from date of fully executed contract! "Normal" time from contract to closing is and has been about 3 months - in the current lending environment it can take longer...
Cash transactions usually take less time, of course.
I'm with BofA and doing a 203k loan. We're looking at 72 days to close (which is still 2 weeks away, so that may change)...
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