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What is the average closing time for a mortgage loan trhese days? From the app to closing?

by seymorep574 from Shelbyville, Indiana. Jul 28th 2015 Reply


Jim DeCamp (JimDecamp)
#61 ranked lender in Indiana - 5 contributions

30 days average but we do have a quick to close program that we guarantee a 15 day turnaround. call and see if your loan type qualifies 317 507 5494

Jul 28th 2015
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Larry Penilla (Larry Penilla)
#4 ranked lender in Indiana - 22 contributions

It depends on the unique details of the transaction at hand. That said, if 30 days is average. Closing in 2 weeks is easy if all parties agree. We're often ready to close weeks before the buyers/sellers/Realtors agree to a specific closing date. In order to process a mortgage that quickly, you will probably need a lender that controls all aspects of the transaction: in office processing/underwriting/closing departments.

Jul 28th 2015
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Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 contributions

Most lenders shot for 20 days or so. Depends on the loan type and specifics

Jul 28th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Realistically, there is no "Average" per se.. If a loan is a purchase, it will typically have more moving parts which can cause a delay in financing, and refi's have less moving parts, so they can be done quicker.. however lenders will push refi's on the back burner when they are swamped and work on purchase contracts since they usually have a closing date deadline.. this all being said, If you provide everything your loan officer asks for, and you do not have any issues with the property or appraisal, it should close inside of 30 days.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jul 28th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,446 contributions

You will find most lenders saying about 30-days on average. A perfect file with a very cooperative buyer, and pure luck on quick appraisals, and it can be done a little faster. Slowly submitted paperwork from the buyer, any hurdles to jump, and a slow appraisal can easy push it to 5 to 6 weeks. Anyone promising quicker, especially with any "guarantee" will come loaded with so much small print that only a select few actually close quick - especially these days with all the newer government requirements for disclosures timelines, and behind the scene file verifications. Be wary of promises, be responsive with your loan officer, and expect 30-days.

Jul 30th 2015
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