Some of the most common questions I get each week are related to “how long does a mortgage take to close?” To help out, I did a little survey and came up with average times and the top 5 ways to delay your loan from closing.
I share my findings in today’s video:
It’s end of the month crunch time for lenders and Realtors working overtime to close by the 31st. I found this article about eliminating some of the stress in mortgage financing and I wanted to share it with you. Click here to read it. Share it with anyone doing a mortgage right now. It just may save them a few gray hairs.
One of the biggest questions I am being asked lately is “How long should I lock my loan?” or “How long should the loan process take?” These are a great questions and can definitely effect your mortgage rates and costs. So after taking a survey of several mortgage companies here it is:
– The average time for a purchase transaction is 30 days from acceptance of the offer to purchase until final close or escrow.
– The average time frame on a refinance transaction is 45 days right now due to the increase in loan volume due to lower rates.
These time frames effect how long you should be locking.
- If you are buying a banked owned property or short sale. These type of properties can take a lot longer depending on the bank.
- If there are any appraisal issues. Either value or repairs needed.
- Subordination agreements for second mortgages.
- Lack of communication with the seller
- Not getting your loan office the proper documentation needed as soon as possible. Delaying the documentation could delay your closing. Be prepared!!
Mortgage Bonds started lower today but have improved quickly and again up against the though ceiling of resistance. This ceiling continues to stop rates from getting any better.
Today’s rates with no lender fees are 4.5% on a 30 year fixed, 3.75% on a 15 year fixed, and 2.875% on a 5/1 ARM. Click here to get the details and other rates I found today with NO lender fees.
Please don’t forget to share today’s episode and let’s change the way people shop for a mortgage…forever!
See you tomorrow!
To ask a question, get advice, or find out what your lender is making off your loan, just post a comment with your question.
I love interaction!
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