what is the average time to close a home loan?

Question

Or if you don't know an average, what was yours?

Answer 1

lol. If you AND your loan company are in good sync and work to get the appropriate documentation together in a swift manner, you COULD get it in a manner of two weeks, maybe even a little less. HOWEVER, it is an extremely compicated (and important) process, that any number of things can hinder. I've seen them done in a couple of weeks from start to finish, but I funded one yesterday that took freaking SIX MONTHS! Generally, when it comes to faxing important info. to us, the borrower is lethargic to say the least(unless they need the cash, then they are all up on our johnson). So really there is no average, they mostly take a liitle under a month to two months from filling out info to funding. If you want it done quickly, you have great power to help your lender complete the process in the quickest possible manner. If you have any more ?'s, email me through my avatar.

Answer 2

Average time depends on many things. On a refinance, I'd say 2-3 weeks. A purchase, 3-4 weeks or longer, depending on the purchase agreement.

If you're lucky, you can actually close loans in a day or two. I've done it many times. Tons of work, pissed off a few people, but got the job done. :)

Answer 3

I have been processing mortgage loans since 1998. Generally a loan can take anywhere from two to six weeks to close. If there are problems, longer then that.

If you are trying to get a mortgage, have all of your ducks in a row. Make sure you have income docs, bank statements and those types of things, easily at hand. Whatever your broker asks for. Get these things to him as quickly as possible. The lender won't give a Clear to Close until they have all of the docs they need.

Also, don't be afraid to call your broker or his processor to check on the progress of your loan. Let them know that you need this to close ASAP.

Answer 4

it somewhat is beneficial to seem on the complete photograph. as quickly as you have your person loan very own loan for long term and had paid quite some the interest, refinancing ability you start up off up for the era of lower back to pay those interest plus ideal fee. How plenty are you gonna desire on your place restoration? If it somewhat is a small quantity like $5k to $30k, it somewhat is beneficial to return to a determination directly to lend out of your HELOC fairly through fact it somewhat is a interest in ordinary words and very versatile with value. you will pay extra useful each and each month to place across it down in few years. Its interest value many circumstances under a 30 years very own loan. economic company of u . s . a . is approximately 4.5% and no ideal fee in any appreciate. make constructive it your self and do the calculation. quite some the HELOC interest you paid is tax deductible. many circumstances after 15 years it is going to show to a chain value or you are able to refinance to a chain value any time you come to a determination on.

Answer 5

If both parties have all their stuff together it can be as soon as two weeks. If not, it can be well over a month. The last house I sold was looking like it would be sold in two weeks but then the buyers' wife had trouble with her Social Security number. Apparently the number she had said she was supposed to be dead. I had to wait for her to get that taken care of and dealing with a federal branch like that isn't quick. I had to pay another months worth of bills on the house which I was none too pleased about but it finally sold in about 5 weeks.

Answer 6

I have bought and sold a house.

There is a lot of bullshit paperwork and fees invloved,

I think it was like 30-35 days for each one, THere is a whole bunch of negotiating and buyers and sellers wanting different things, don't get me wrong over periods of seven years or more you will win potentially big depending on where the house is but it is a pain to buy and sell.

Answer 7

30 days is a realistic number. Remember that your closing date can save you thousands so make sure to have good communication with your loan officer. Good luck.

Answer 8

15-21 days in my experience.