x
We research, you save.
Bookmark

How long do hecms normally take to close?

By landraq89237535 from CA Apr 22nd 2014
Reply

it really depends on the lender you select, but we are averaging under 30 days.

Apr 22nd 2014

It varys from loan agent to loan agent and lender to lender! Generally, it should be no more than 30 days and often less.

Apr 22nd 2014

It depends on a few variables. A HECM for Purchase can usually take easily less than thirty days, unless you are waiting to sell a home and use the process for the down payment. A HECM refinance should take less than thirty days, if you provide all documentation up front that is necessary to get the loan moving. Also if the home has no repairs issues that have to be done prior to closing. If you have anymore questions, please send an email to saradeere@openmortgage.com, 816-914-9685, or http://saradeere.openmortgage.com.

Apr 22nd 2014
by

Generally 30 days or less. The key is completing the counseling requirement asap. CBC would be happy to discuss.Lending Nationwide. VA, FHA, USDA, FNMA, FMAC, Reverse, Commercial, SBA, Jumbo. 877 890 3892 / john.bates@cbcnationalbank.com

Apr 22nd 2014

Most lenders are completing HECM's in 30 days or less. You may see a closing take longer in hot markets due to slower appraisal turn times (purchase transactions will take priority)and if there are any title issues. You should be safe to allow yourself up to 45 days.

Apr 22nd 2014

For most HECMS, you can close inside of 30 days, however some can take longer if an issue pops up.. title problems, property deficiencies problems, etc, etc.. 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

Apr 22nd 2014

You should expect to close within 30 days. This is typical as long as you have taken the approved counseling and supplied all of the necessary documentation in a timely manner.

Apr 22nd 2014

Didn't find the answer you wanted? Ask one of your own.

Get an answer


Compare Lowest Mortgage Rates

$