Once you learn about how long it takes to close home loans, you start to realize how important fast closing times are in the home buying process. How much control do you have over the closing process as a home buyer? If you’re not aware of what the process entails and how long, realistically, it could last — probably not much. This is where a mortgage expert comes in handy. They have working relationships with many mortgage lenders, and they also have experience working with selling agents.
What Does Closing Entail?
Real estate transaction closing refers to the completion of all required steps to verify a home sale, which are recorded as part of the escrow process.
In addition to a complete, executed purchase agreement for a home, you need to have completed home inspections, fulfillment of seller obligations, the completed lender appraisal, insurance requirements, title reports, and escrow paperwork, and when a home loan is involved: the loan approval and satisfying the underwriter’s loan conditions.
How Long Does Closing Take?
When a buyer is pre-approved and using common loan programs, some closing processes can take under 30 days. Other types of loan programs and transactions can take between 35 and 45 days.
With a preapproval in hand, working with an experienced mortgage professional, you could close your home purchase within 15 or 21 days, depending on the property you’re buying and other requirements.
Why Are Fast Closing Times Important?
Until you’ve made an offer for a property and experienced problems and delays in your closing process, you may not realize how beneficial a fast closing time can be. A fast closing time can be a powerful negotiating tool with sellers. You’ll make yourself a much more attractive candidate as a buyer in competitive home-buying situations over a buyer who’ll require a long time to close on a home. Which is also why most sellers and real estate brokers prefer CASH BUYERS over those getting a mortgage loan.
A Fast Closing Time Equals Confidence In Offering And Purchasing
If you’re working with an experienced mortgage loan professional, they can help guide you through the entire home loan and home buying process. You can offer a purchase price on the home that you want to buy and proceed with confidence. Negotiate from a position of strength and work with an independent mortgage loan broker who can help you compare lenders and achieve a quick closing time instead of waiting for weeks for loan funding and completion of other requirements to close escrow and move into the home you want to own. At California Platinum Loans we specialize in closing loans very quickly, which is why a number of Realtors prefer working with us to get their clients’ loans closed quickly, helping them compete against cash buyers.
Sources
Your explanation but also this article https://www.thebalance.com/the-home-closing-process-1798319
