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For us, we got an approval with conditions, after being through the underwriter twice so far, before making our offer. We made the offer on the house while we get the conditions in order, and we set the closing out 45 days. However, once we get the conditions removed, hopefully by next week, then our lender told us we could close in as little as two weeks. Our realtor also has a guy to do the inspection/appraisal on the house that can be there within a day or two of us calling him up, so that will help us get it all done in plenty of time so we can close early! Even if we close two weeks early, the whole process will have taken almost 2 months!! Our case isn't easy though, as my husband (sole income) just started a new job and we are moving from PA to TX, so it's all a bit more time consuming. :-)
I usually run down to the corner and borrow from Junebug and C-Dog and it takes about 5 minutes to get approved. If you borrow from them make sure you pay it back on time.
I got the appraisal back yesterday and it took them 3 weeks to do it from when the loan company requested it. The underwriter has not yet reviewed it but it looks good it me. I have a 60 day escrow period this time, but we will close 2 weeks early, making it 45 days. All paperwork has to be in 10 days before we close. They are still waiting on title and title insurance.
BTW, the realtor's associate can NOT do the appraisal as the mortgage company has to order that from one of their venders. You will not have a choice in that item, and likely not in the title company either.
I got the appraisal back yesterday and it took them 3 weeks to do it from when the loan company requested it. The underwriter has not yet reviewed it but it looks good it me. I have a 60 day escrow period this time, but we will close 2 weeks early, making it 45 days. All paperwork has to be in 10 days before we close. They are still waiting on title and title insurance.
BTW, the realtor's associate can NOT do the appraisal as the mortgage company has to order that from one of their venders. You will not have a choice in that item, and likely not in the title company either.
While it's true you cannot choose your appraiser, you legally have the right to chose your title company.. Some sellers might offer an incentive in using 'their' title company, but as a buyer, you can use whomever you want.
In my area a CON can be pushed thru in about 14 days, FHA and VA can take 30 days although I have had an FHA close in 3 weeks, and USDA (Rural Development) is taking at least 30 days due to the backlog on approvals there.
Standard here is 30 days and is what I prepare my clients for.
We had a VA loan approval in less than 3 weeks, but it was through a local bank and they don't sell their loans, so I think that's why it went so quick. We were lucky that the appraiser was so quick to get the appraisal completed quickly. We also had every doc requested when we turned it in, so there was no back and forth for additional documents. You can really help it go more quickly by providing everything asked for up front and making sure it is all current and complete.
It is true that they cannot make you use their title company, BUT if you do not then they have to approve what your title company provides and they have, on me in the past, taken their sweet time doing that. When you use theirs the acceptance of it is procedural and faster. I choose my battles and that one is not worth it to me.
... We also had every doc requested when we turned it in, so there was no back and forth for additional documents. You can really help it go more quickly by providing everything asked for up front and making sure it is all current and complete.
This doesn't apply in every case, but that advice up there is one of those "simple but not always easy" points to the loan process -- get your documents together and submit all of them at once. If not all, as many as you can, and make clear notes as to what is still outstanding. With the world being online these days, it is remarkably easy to locate 90% of what you need even if you don't have the original paper copy.
As for our situation, we're closing a week from today and have officially been under contract since March 7th. Our situation is a little non-standard, though, because we're buying the house we've been renting for the last year and a half, and have been negotiating with the landlord about purchase specifics for the past few months. As a result, we were all settled on purchase price and who is paying what closing costs before we even contacted a lender. Still, we submitted our loan application on March 7th and are planning on closing on March 28th, which isn't too bad.
We're doing a conventional loan with a local lender that tends to keep their loans in-house, so maybe that helps too?
Our last home, which was our first home purchase, was an FHA loan and that process took substantially longer. We went under contract near the end of April and didn't close until mid-June, which I think is fairly standard for FHA loans.
I spent a lot of years as a real estate broker. Closing depending on the lender and title company can be done in as little as 3 days, to 2 months.
One of the last homes I purchased for us, took 3 days. I called the lender (a savings and loan)and told the manager I wanted to buy another home (still owning our present home) and wanted a quick close. She approved me for the loan on the phone at that time. I called the title company, and she got me a title commitment by the next morning. Set up a closing 2 days later and the paperwork was done, and we closed.
That was unusual, but I did a lot of business with that lender, and she knew a lot about me and knew I was well qualified, and really did not need to do anything but get the paperwork done. The title company did a lot of big business with me, and they got me a quick commitment. Paperwork done, and I did the closing paperwork and closing myself.
I have on the other hand, seen it take a long, long time to do some closing, such as a farm where we had to prepare a detailed analysis of the ability of a multi-thousand acre irrigated farm to pay off, using past history of the farm and the proven abilities of the management company that was getting it in a property exchange I arranged. It took me about 3 weeks, just to get all the information to do the analysis. Over 2 months to close.
Quickest was under 24 hours, on a cash purchase on a free and clear income property. Two hours to get a title commitment, and all the paperwork completed by the next day. Bank to bank money transfer. More than enough money held in escrow to pay all outstanding bills on the property. Buyer was from out of town, and needed to leave town right after closing. We managed the property, till they got back in town a month later as they moved to town and took over management.
I got special treatment on things I moved, as I put millions of dollars through the best lenders, and the title companies I used would give me about the best service anyone ever got. My bankers asked me to get the title commitments as I could get them in hours instead of the days it took them.
How fast you can close, depends on who is putting things together, and the circumstances of the sale.
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. I have a 60 day escrow period this time, but we will close 2 weeks early, making it 45 days. All paperwork has to be in 10 days before we close. They are still waiting on title and title insurance.
