how long does it take to complete a home loan process ?
cutie_doe_29 asked:
i have great credit which will become bad on september 1 , after my ‘authorised user’ creditlines will not be counted on my credit report. i wanted to buy a house – if i apply for a mortgage tomorrow and already have the house that i want to buy….. can everything be done before september 1 ?
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i have great credit which will become bad on september 1 , after my ‘authorised user’ creditlines will not be counted on my credit report. i wanted to buy a house – if i apply for a mortgage tomorrow and already have the house that i want to buy….. can everything be done before september 1 ?
April 1st, 2009 at 2:33 am
yes if you have everything in order if you have everything in order meaning you qualify for a mortgage have 2 years of tax records etc. its a simple process you contact a lender tell them you want to close by sept 1st if you have contract in hand they will start to order the things they will need appraisal and title once that comes back closing can be schedualed appraisals take a few days to get done but they can be push to get them done. what they do is get an approval and while title ans appraisal is being done they confirm income tax records etc. once all bases are covered and title comes in they can order closing docs and title company will set up the closing. these are not easy but an effecient company could get it done if the deal is clean and there are no unforseen problems! appraisal not high enough or title issues
they are fast and get it done they also work 7 days a wekk so if you are seriouse get a request to get qualified asap
they’ll get you the best rate for you !
April 3rd, 2009 at 2:00 pm
It is pretty much impossible to close on a home loan in 11 days.
Assuming you make an offer and sign a contract tomorrow…
Appraisal takes 4 days. Inspection takes a day or two. Underwriting takes a week if you are very lucky… probably 2. Title search takes a few days….
Sorry, it cant happen that fast…. and mortgages are happening a lot slower then they used to, as they are not being rubber stamped, they are actually LOOKING at credit reports and applications and supporting docs. And when they see no good tradelines on your credit report besides the “authorized user” tradelines, they will ask more questions, and more delays… or they will just deny it.
Get your credit straightened out, save some money, and get a loan when you are ready. You are about to make the biggest purchase of your life… dont just jump into it.
April 4th, 2009 at 12:59 pm
For a purchase transaction, you can expect to stay in escrow for a minimum of two weeks. That’s the minimum; the norm is about four weeks.
Two weeks is a real crunch for both the lender and real estate agent. The real estate agent needs to order reports and appraisals that need to be approved by both parties. The lender needs to gather your credit information, have the loan underwritten, and have all loan conditions met. Then there are the unforeseen issues that come up in the reports or loan process. Sorry, I don’t think Sept. 1 is a realistic deadline.
April 7th, 2009 at 1:10 am
Dear,
how long does it take to complete a home loan process ?
Your question was can you have a loan approved before September 1,2007.Yes
Use your telephone book .
Start calling the mortgage sources listed in the yellow pages.
Begin calling the banks
Ask to speak with a mortgage loan officer
Be up front with them.
Ask the question can you have my loan approved before September 1, 2007 .
Next try the Mortgage companies like countrywide and wells Fargo
you will find the mortgage brokers listed as mortgage companies in the yellow pages
Call until you find the yes,This is possible
Mocess
April 7th, 2009 at 6:12 pm
I can’t speak for any other lender, but when i pull credit, I don’t have to pull it before closing. In fact, I can use your credit report as is for 120 days. Since I work directly for a bank, I can do this. Lot’s of brokers will pull your credit up front, but may have to have it pulled again by the bank they end up sending it through.
April 8th, 2009 at 7:59 pm
it depends upon the amount you have taken ,percentage of interest and period of duriation etc for more visit the below site