2007-09-14 14:06:32 · 6 answers · asked by Shantrice B 1 in Business & Finance ➔ Renting & Real Estate
Possible. When I refinanced my loan, it only took the bank 10 days to approve and fund my loan.
2007-09-14 14:41:27 · answer #1 · answered by Jane 2 · 0⤊ 0⤋
Yes it is generally possible. But you need to make sure that it is a "clean" loan. Basically your income and assets can be easily proved. Also you have good credit etc. But it is not a good idea to count on this. In general if you make and offer on a property, you should allow at least 30 days to close. There are things other than underwriting that take place, i.e. inspection, appraisal, attorney review etc. But if everything else is done, it is possible to close in 4 days with some lenders. Not every lender has quick turn around. So, ask your loan officer.
2007-09-14 21:21:28 · answer #2 · answered by Alexander K 3 · 0⤊ 0⤋
As a former underwriter, I could close a loan as quickly as the title and appraisal came back, assuming that all previously requested docs such as financial, employment checks, etc where already in.
It literally only takes about 10 minutes to review a title and an appraisal. They are so standardized, all you are looking for is anything that stands out.
I closed one from origination to close in the same day for a client that had been turned down at another lender, and the attorney transferred the title to us, and he appraiser transferred the appraisal, and she walked into the office with everything else.
2007-09-14 22:27:00 · answer #3 · answered by Expert8675309 7 · 0⤊ 0⤋
In an "Ideal" situation it can and is done. The loan needs to be as "plain Vanilla" as they come.
Example:
One of my loan officers had a loan last week. The borrower was only borrowing 55% of the home's value. The value was not going to be an issue.
All of the client's debt, including his new mortgage was going to be about 25% of his monthly income.
His FICO scaore was 713.
After my L.O. took the application (Tuesday) I called the borrower and got him to commit to faxing over all of his paperwork later that day. I ordered Title and the Appraisal, (appraisal was done Wednesday and we had it Wednesday night) and brought the file to processing.
The file was processed and in my underwriter's hands Thursday morning. Thursday evening the underwriter gave ma an approval conditioned upon acceptable title.
I called the borrower and set up the closing for Friday night.
Friday morning the underwriter reviewed the title and gave a clear to close. Title went to work on the paperwork and closed Friday night.
PERFECT FILE. Is yours?
2007-09-14 22:22:55 · answer #4 · answered by loancareer 3 · 0⤊ 1⤋
Yes... it's possible. But almost IM-POSSIBLE!
The appraisal alone usually takes 2 days if it is a rush order.
Put all the doc prep and inspections and final approval and everything else.... 4 days is not enough time.
Things are slow right now, so 2 weeks is generally pretty easy... but 4 days is pushing it.
2007-09-14 21:31:20 · answer #5 · answered by Mike 6 · 0⤊ 0⤋
Will never happen. This wouldn't even give the lender time to make the verifications and have documents drafted, reviewed and emailed to the escrow agent.
Sounds like someone is over promising and will surely under deliver. Use caution if someone is saying they can close you in 4 days.
2007-09-14 22:25:19 · answer #6 · answered by liveinaustin 3 · 0⤊ 1⤋