MORTGAGE TIME FRAME

Every now and then someone calls with the most ridiculous expectations. It really doesn’t matter how wonderful you are as a borrower, some things just take time. I had a woman the other day tell me that she wouldn’t hire a loan officer unless she was guaranteed that she could close within 5 days. Truth be told, it is possible, under certain circumstances, to close a loan, start to finish, in 5 days, but trust me, that is the exception not the rule. I like to tell my clients to plan on 30 days, but to rest assured that I will do everything possible to close earlier. I would say that 10 days is about as quick as you can hope.

Let me break down the process for you:

Application/Initial Underwriting: 2 Days

Processing/Appraisal/Title Report: 3-5 Days

Underwriting: 2-3 Days

Document Preparation: 1 Day

Closing: 1 Day

I will tell you this: The most common factor that slows the process is when a borrower is unable to provide the necessary documents within a reasonable time frame. It is extremely common for me to contact a client and request an additional pay stub or bank statement only to wait as long as a week to get a response. That is why I always say, come to your initial appointment with the paperwork ready—it only makes it faster for you.

So, next time you are looking for a loan, remember to keep your expectations realistic.

Have a great weekend!