What is the absolute quickest you can get a mortgage? (appraisal, 6%) - Real Estate -Brokers, appraisals, development, lease, investing, relocation, apartments, houses, condos, values, mortgages, loans... - City-Data Forum

DelightfulNYC · 03-01-2016, 02:54 PM

I have a house I like on-line. However, Flood rates go way up April 1st. If I pay cash there is a 30 day waiting period for flood insurance which means I pay the higher rates.

If I get a mortgage flood policy starts same day, no waiting period. Which means if I buy, close prior to April 1st I get the current flood rate.

We are talking the same coverage goes from $518 to $2,900 for same flood insurance coverage.

I see house this Saturday so is it possible?

MikeJaquish · 03-01-2016, 02:58 PM

Go to a community bank.
Tell them you will put down 90% and borrow 10% for 5 years at 6% if they keep it in portfolio.

lae60 · 03-01-2016, 05:46 PM

I got a mortgage in 8 days and that included Thanksgiving on day 7....actually signed contract to closing was 8 days! Depends on the company and your paperwork.

But let the company know up front, and set your date a few days earlier than you need, just in case.

DelightfulNYC · 03-02-2016, 08:23 AM

Ok this sounds good. I am even willing to do a fully collateralized mortgage. Or pay cash house and do a HELOC same day for lets say 100K in order to get a flood policy.

bizcuit · 03-02-2016, 11:45 AM

Also make sure the sellers would be willing to close that quickly.

DelightfulNYC · 03-02-2016, 11:59 AM

Quote:

Originally Posted by DebNashua

Also make sure the sellers would be willing to close that quickly.

They want out yesterday. They already signed a lease on an apt as they cant go up and down steps anymore. It is a four level split.

FalconheadWest · 03-02-2016, 12:08 PM

Mortgages only take 30 days or longer because buyers usually have an inspection period and appraisals aren't usually ordered until after this period. If you waive inspections and order the appraisal immediately, you can be done fairly quickly. Keep in mind that you need to have all your paperwork in order so they don't have to keep asking for more and more.

Silverfall · 03-02-2016, 12:25 PM

You do realize that the future flood rates will impact buyers when you go to sell the home, right?

399083453 · 03-02-2016, 07:07 PM

Quote:

Originally Posted by DelightfulNYC

I have a house I like on-line. However, Flood rates go way up April 1st.

Typically policies are only for 1 year, wouldn't they go up next year anyway?

oregonwoodsmoke · 03-03-2016, 04:02 PM

The only way I've ever had a quick escrow was when I paid all cash. Banks are annoyingly slow to process mortgages. They always wait until the last second and then must have you rush some document that they never told you was needed, and they will do that several times. You can count on it.