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WHat is an average time for closing a loan from the time we submit all paperwork? We really need to move into our new house quick.

We have recently found a great home. Wanna move in fast but I want to know how fast is the mortgage loan by SinjayGupta from Irvine, California. May 9th 2011 Reply


Gregorio Denny (GVDenny)
#179 ranked lender in California - 380 contributions

If you have everything in order, it can realistically be done in 2 weeks; anything less than that is overly optimistic. Call me and I would be happy to close it for you, I am licensed in CA. Gregorio Denny - WeFixRates.Com - 800-335-6897

May 9th 2011
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Gianni Cerretani (mortgagegodfather)
#36 ranked lender in Georgia - 238 contributions

I agree with all the other lenders! Loans have lots of moving parts. It takes a solid lending company and skilled loan officer, a competent realtor to make a transaction go smoothly. It also is very important that you get everything the lender asks you to get up front. This can and will drag out the loan process if you delay the lender getting them the required documents.When you are dealing with short sales and foreclosures this can cause more delays as they choose the title company which will cause a major loss of control on the lenders end which in my experience has caused the loan process to drag out. In a perfect world from date of signing purchase and sale, if I was to recieve all the required docuemnts and title back in the same day, then we are approving our loans within 24-48 hours, subject to appraisal. Our appraisal process should take no more then 3-4 business days from order to recieving the report. There for I would say without an issues we could close a loan in 2 weeks and I have, but then I have also been stuck with uncooperative sellers agents and short sale negotiators that have dragged the loan process out for months. This is a very loaded question as you can see from all of the lenders responses. The best thing you can do is choose the best qualified realtor and loan officer as they can control 90% of how quickly your loan gets closed, 5% is on you the borrower and 5% is out of your control!

May 10th 2011
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Chris Gummerson (cgummerson11)
#6 ranked lender in California - 510 contributions

It depends on your state and the lender/bank you choose. Large banks such as Wells, BofA and Chase, are about 30-60 days. Generally more toward the 60 day mark. If you choose a direct lender (mortgage banker, that is not a depository institution) you can expect, with no hidden suprises, to fund in 30 days or less. If you have all your ducks in a row, purchase contract completed, all your docs, appraisal, ect, then you can close sooner. One of the biggest delays is the escrow and title companies, which drag and drag. Usually the seller will opt to use their choice of escrow, which can be a delay. Are you already pre-approved for the loan? What state are you looking to purchase?

May 9th 2011
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Rick Pelleriti (RickPelleriti)
#291 ranked lender in California - 59 contributions

The lending environment has drastically changed over the past 1-2 years. You are no longer in control of how fast the lender can perform - and the lender cannot control it either. Lenders sell the loan to "investors," and investors (larger banks, and Fannie Mae/Freddie Mac), have their own guidelines.One thing many people do not understand yet (and Realtors and Sellers), is that the HOUSE must also qualify. For example - if the house requires some repair work, lenders will not lend. The sellers must agree to perform the work first, and this can take time.Talk to a VERY experienced mortgage banker, and make sure you write your purchase contract so that you do not put your deposit money at risk.

May 9th 2011
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Kevin Boatwright (KBoatwright)
#25 ranked lender in South Carolina - 3 contributions

We can close your loan in 30 days from the time of submission. We assign a processor and underwriter to your file at the time of submission and they work to get the loan closed in time to your satisfactions. Thanks!Kevin BoatwrightBranch ManagerNMLS ID 335508GMH Mortgage Services, LLC 220 Adley Way | Greenville, SC 29607 | P: 864-551-2008 | C: 864-982-5626 | F: 864-990-4302 | kboatwright@gmhmortgage.com

May 10th 2011
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Matt Baker NMLS#190779 (matt@approvemefha.com)
#33 ranked lender in Arizona - 75 contributions

10 days is the fastest allowed by the RESPA act. I can met that and close that fast. It takes a commitment on your part to get all the requested docs together. I closed two last month in 10 days, so I know how to get it done. Let me know if I can help.

May 12th 2011
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