What is the FASTEST a mortgage broker can close on a homeowners loan?? Am I screwed??

Question

I made the mistake of using a friend that was new in the biz as my mortgage broker on my new home. He is with a small operation. Well, I am suppost to close on June 5th and he said they can't do it! I have to call around tomorrow to find a new mortgage broker, but will they be able to close this fast??? Tomorrow will be Thursday, May 24th!

Hey, this is in Missouri. Send me an email if you think you might be able to help me. Thanks

Answer 1

Time to formulate and put Plan B into effect!

You will probably need to ask the seller for a time extension. Your real estate agent can do this for you. Most sellers are reasonable if there is a good opportunity for the home to close within a week or so.

Depending on your situation you might be able to get approval and close within 7 business days with a new lender. Email me with your state and I'll see if I can hook you up with someone. One that might be able to protect (pay) your friend too.

Good luck.

Answer 2

Using a different mortgage broker, you might be able to close by your deadline. The two things that take the most time before your application can be approved and your new loan underwritten are: 1. Obtaining the appraisal on the property you're purchasing, and 2. Having the title search done. If you friend has already got the appraisal and title work done, and is willing to turn them over to the new broker, it may be possible to get approval and close in just a few days. Contact your friend immediately for these items, and get them to an experienced broker in your area.
Loan applications are processed electronically these days, so you have a good chance with a broker who has the trust and good will of several lenders who would be willing to put a "Rush" on your application package.

Answer 3

You didn't say WHY he said he won't be able to do it by then. Or what kind of loan you expect to be getting - FHA, VA, CONV, conforming, B/C/D paper?

It's easy for people on here to brag about how fast a loan can be done (I've seen a house go 3 days, contract to close with an FHA loan!) But without knowing the whole picture, NOBODY'S promise is any better then what you've got now.

Note - on the 3 day deal, the buyer was FULLY approved on a prior contract that didn't close due to seller and the house had just come back on the market with appraisal and title work already done. So the full picture needs to be known to predict a timeframe.

Also - there are subprime lenders biting the dust daily. If that's where he thought he was going to place your loan, it's possible that nobody can do it in time.

You REALLY need your Realtor's input on this. Let him know what the true picture is and maybe he'll know where to go locally, with in house underwriting to get it done fast.

Answer 4

You need to go with a direct lender and it needs to be one of the bigger companies. Stay away from brokers right now. I used to work for Countrywide I know they can do it we were always doing 10 day closes. If the appraisal has already been done that is even better. I would suggest you get on the phone in the morning and talk to a couple of banks until you find one you like and who can do the loan that quickly.

Answer 5

Niether one will screw you in case you pass to an authorized one regulated through the respective states they do corporation in. it extremely is ageing human beings bashing brokers. brokers are no longer the subject, they did no longer arise with subprime lending, the lenders did. The lenders marketed their "imaginitive financing" to the regular public and the regular public had to have it. The brokers the two had to furnish the persons what they have been inquiring for or they might purely pass around the corner and get it. My suggestion is often see a broking provider, you have many concepts that way. yet once you spot a broking provider, you may desire to hearken to them. while they make it easier to comprehend which you're extra valuable off with a very amortized 30 year fastened, do no longer tell them that your cousin, uncle, nephew, neighbor and anybody else have been given a fee of 0.5 that and you want one too. in case you do this, do no longer cry later while it adjusts and you may not discover the money for it, and if it does, do no longer blame the broking provider.

Answer 6

A broker should be able to close a loan in 7-10 business days...if you have all the info to close (w-2's bank statements...etc) it can go faster.

What state is it in I know some real good brokers???

Answer 7

providing you have all the information you should be able to close using a direct lender in about 3 days. Providing inspections and repairs etc are already done.

Brokers take longer and cost more.

Answer 8

in my city the normal time to close on a mortgage would be 4 to 6 weeks , but some as long as 8weeks because of search issues etc sorry

Answer 9

lots of Mortgage Brokers will be able to close you, if you can be closed. Low fico, no down payment, these are not available any longer. check your loan contingency and see if you need to extend it to save your good faith money.

Answer 10

I can help you. Yahoo doesn't allow you and I to email here but go to this site below my email is there but also there are some tools for sellers and buyers there you can use them all for free. If you do email me, just cut and paste this question you asked in the email and I'll send you a very fast email of someone in your area who can help you. I do real estate world wide on the Internet and very well known on yahoo answers. If you go to google.com and type the web site address in as a search, you'll see others we helped. Hope this helps.