Mortgage advice??

Question

My partner and I have just been accepted for a mortgage, we're about to start looking for a new home just wondered approx how long it would take for everything to go through?(we have enough to pay fees ect) Im having a baby in december and would like to be settled by then!!

It is a repayment fixed rate over 40 years and 102,000

Answer 1

Right , If you have alreday got mortgage offer , then you need to instruct the solicitor. Once you have done that Solicitor would do all searches and would be dealing with all legal matters related to the property that would roughly take 2 to 3 weeks. Once he has done that , you would be required to sign the contract if the other party is ready for that. Once you sign the contract and give your deposit money to the solictor, he would wait for your draft/cheque to clear. as soon as it gets cleared your contract can be exchanged and completion date can be decided. here is the whole point, of you give your solicitor certain date you want to move by, he would give instruction to the lender to release money. it normally takes 4 to 5 days for them to release money. If you do all things technically and carefully you wont waste much time.
so al togather it takes roughly 2 to 3 months once you find the place you wanna buy as well as getting mortgage offer.

Cheers..
any question let us know..

Answer 2

Hi Lheesa, prequalifying a borrower (interview level) takes only an hour; and pre-approving takes no more than 3 days to recieve a hard approval - that is, all your required documents have been submitted, processed, verified and cleared by underwriting.

You can now start looking for a house, confident that you're a solid buyer - that is, of course, your credit activities don't change except to get better, and your employment as well as your income, mostly your cash reserves in the bank (comfortably up to 6 months) - whatever information you supplied to your lender that you received approval on.

If your hard approval's rate is pre-locked prior to you finding the right property, you may want to ask your loan officer how long the period is for the lock. I usually request for 30-days on purchases because of so many parties involved in the transaction - i.e., seller, agents, inspectors, appraisers, title, escrow, insurance - among others. Surprise delays usually happen on 3rd party circumstances.

But if you got yourself a very good sales agent, and that your offer was presented very well to the seller and got accepted, you may be confident and trust your representative's proficiency on timeline.

A good real estate agent will obtain all the necessary paperworks from reliable service providers that can deliver on a timely basis. This agent will likewise volunteer all required documents to the lender without being called for a follow-up or be asked to do so.

Once you're pre-approved, the next level is to obtain all the property transaction documents - should your agent provide all the requirements within 3 days of full acceptance, you may expect your loan to close within, if not less than 30 days.

The caveat: always anticipate or expect surprises. The following are occurances that often cause the delays:
1.) Appraisal Report - appraiser furnished information that's contrary to what's indicated on the public records;

2.) Inspection Report indicate issues that will require a (442) - an immediate repair is required and that the appraiser is expected to provide additional report to confirm the completion of such requirement. This - in itself, may cause a week to two weeks delay unless the providers involved are extremely good - you may also anticipate to pocket out additional appraisal fees for the 2nd site inspection;

3.) Cloud(s) on Title - your Title company will need to clear this issue first prior to the lender signing off on your documents for release to escrow. Clearance of title issues may take a few days, if not weeks - depending on how simple or complicated the issue is;

4.) Pest/Termite Clearance - depending on your fully-executed agreement if you waived this or not; which - either way, may be compared to or against the appraisal and inspection reports.

To make the story short - you as the borrower is cleared off. Your anticipated process timeline will now hinge on the property's overall qualification - so, it's better if you ask your agent to do your homework first - maybe do contingencies so you don't face too much delays and unnecessary frustrations.

Good luck in your house-hunting!!!

CALOfficer

Answer 3

Well, it depends on where you're at, but it typically takes 30 days to do the closing. That's after you've found a house, agreed on the contract and both parties signed the contract. You seem to be on a good time scale. You want to have a signed contract by the beginning of November. Find out how long you have before the rate on your loan is floating. You typically have 60 days to find a house before your "fixed rate" is no longer fixed. Good luck!!!

Answer 4

Want to buy, what to look for?

As housing market continues to slump, if you don't plan to delay your plan, please interview several and pick a good realtor or agent.

Bad ones will talk you into buying the largest property at your credit limit. Good ones will find you a good deal (Sellers are offering discount and incentives now).

Try to stay away from Adjustable Mortgage, because 30 year fix mortgage rate is very low right now. There is no reason to use Adjustable loans except fatter commission for loan agents.

Interests only loans are not good iether. Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it. If you want to use interests only loans, might as well rent, especially during market downturn, because housing price won't appreciate.

Finally, for tax benefits, talk to your CPA or tax accountant. Do not consult finance with realtors or agents. They get commissions when you sign the check!

Good luck!

The article is really useful! Good for negotiation.
http://biz.yahoo.com/brn/060909/19463.html

http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514

Answer 5

There are many different factors. I would suggest you get all of your paper work correct. Next finding the correct house. I would also suggest looking into other loan options.
Feel free to contact me via the information below.
Jenold Freeman
C.E.O. Justgetaloan.net
[e-mail]
866 530 7300
Dont forget to log onto www.justgetaloan.net Americas home for real estate financing needs. For the best in rates, loan programs and service. Remember no matter what the situation; Can't we all just get a loan?

Answer 6

Once you find a house, you can typically expect it to take about 30 days to close on the home from the date you sign the purchase agreement on the house. I know the company I work for can process a mortgage on a purchase in about 20 days, but 30 days tends to be about the norm.

Answer 7

Who on earth did you go too for a mortgage that you could'nt ask how long does it take??????
Please advise us who got you the mortgage as this is one person I would not like to be going too!!!
You have not put any confidence in me with your question that this person who sold you a mortgage knows what they are talking about.
However if you go to a professional then it can happen between 3 days to 6 weeks depending on lender although I saw it happen one time in one day.
However an unprofessional can take up to 6 months.
Any problems drop me a line (UK only) [e-mail]

Answer 8

My husband is a Realtor in the Boston area, so I only know this through his experiences. Assuming everything goes smoothly, you can expect 6 - 8 weeks from an offer being accepted to closing.