Question about buying a home?

Question

My husband and I have signed a contract with a realtor for a home that we want to purchase. Tonight we meet with the mortgage company to turn in all of our personal and financial info. We were pre-approved before we signed the contract. I know that we won't know for sure about the loan until the underwriter signs off on it, but how long does this take? Could we be closing on the house by the end of the month if the loan goes through? This will be a first for us, so I'm not sure how everything goes.

Answer 1

A closing could take a month.  Approval process is the most time consuming part.  As long as you have all the paperwork required and no surprises on your credit report that didn't show on your pre-approval.  If the sellers haven't responded to your offer (meaning, no counter offer, etc) then, that depends on how long you give.  In Indiana, we generally don't offer more than 2-3 days for sellers to respond and we know where we are headed.  So, if the offer is accepted, and all is well w/ your credit, finances, I guess a month.  Titlework is the final process after mortgage approval, and that can take a week.  If they are busy or the closing is set for towards the end of the month (when more people/companies close), two weeks because that is busier time of the month for title/closers.  

FYI: Some don't know that you can get approved for your mortgage, then 2 weeks later buy a boat, new car or rack up a credit card and your loan gets denied at that point.  most banks will do a second credit check a few days before closing as well as employer verification day or two before closing.  So, don't buy a boat and quit your job before you close on the house... no major purchases till you close and are moving in your stuff!!!!

Answer 2

We went thru a short period in 2005 when all loans were approved in 30 minutes.  It was fun.  You could move in by next Wednesday.  All finished.  Now it is slowing down a little.  Probably 3 weeks to get you and house fully approved.  I have now met a lender who will start the loan on Monday and you can move in on Friday.  I didn't believe it until she did it for the 2nd time.  She did the 2nd house in 2 days.  I feel like i will never use anyone else ever again.  If she can do a complete home purchase in 2 days, everyone else can too. /

Answer 3

Yes you could close by the end of this month, as long as everyone else handles the transaction promptly.  But there are others who have to schedule their part of the work, and that depends on access to the house etc.  So while it's not impossible, just don't count on the lender having all their ducks in a row to close.

Best of luck and thanks for being in the market!  

Answer 4

All the answers here are good but must reiterate what Karla said - and that is not to make any other large credit purchases, open additional credit accounts or borrow additional money / loans that may affect your credit. This could either delay your loan or kill the deal depending how strong or weak your credit is.

Stay on top of your loan officer - if you don't hear anything then make calls for updates. Respond quickly to any and all requests for required documentation.

Answer 5

As a seasoned loan officer of ten years working in both capacity of a mortgage broker and mortgage banker, the answer depends on several variables. First, you the buyer need to be on top of everything and get to the loan officer what they need as fast as possible. Second, you need to have a loan officer who knows what to get from you, knows exactly what to expect the underwriter to ask for, and knows how to push things through quickly with whomever they are working with. Most importantly, a seasoned loan officer needs to be communicating with you to keep you updated on the progress. It is their responsibility to ensure the loan closes on time and no-one else. So hold them accountable. As long as everything being done in a timely manner and that he/she has told you that the closing date was reasonable. A seasoned loan officer would tell you upfront if the closing date was not a reasonable timeframe. So if they say, everything is fine,then relax and trust your loan officer.

Answer 6

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Answer 7

It will partially depend on how good your loan writer is and how backed up the underwriters and title company are.  If your loan writer is good and has all your ducks in a row, the underwriter could very well make a decision within 10 days and if the title company is not backed up, you could close by the end of the month.  On the other hand, if the loan writer is not on the ball, the underwriters could want more info/documentation delaying the process and it could be the end of next month.  I usually find that about 6 weeks from start to finish is average (this estimate is a result of about 15 different closings I have been through, both as buyer, seller, and re-financer).  Also, don't forget to build in the house inspection if you haven't had one and don't forget the walk through the night before or day of the closing

Answer 8

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Answer 9

Underwriting usually depends on the lender and how many loans they are processing.  It only took our credit union three days to complete our file but I've heard some people complain about it taking weeks. After it came from underwriting, we closed about two weeks later.

I would just ask your loan officer as she's been through the closing process numerous times and can give you her best guess.

Answer 10

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