x
We research, you save.
Bookmark

What are average loan closing times today?

By mairsol.gomez887 from FL Feb 11th 2014
Reply

Most lenders will say the average is 30 days, but it really depends on the loan transaction itself. Several factors can effect the amount of time, the appraisal, title work, or if there is a need to have any income documented in writing. I have closed a loan in as little as 10 days, but the borrower was prepared and had all of their documents needed. I do not have any type of application fee so if you would like to run your scenario by me, I would be happy to assist you. my toll free number is 866-933-8955 X 247, thanks Kitsy Burt

Feb 11th 2014

I agree with Kitsy, 30 days is pretty standard. In some cases it can happen much more quickly but it is also possible to get stretched out depending on details.

Feb 11th 2014

PS. Often the seller needs/wants that time as well to move or buy their next home. Foreclosures and shortsale transactions usually take longer.

Feb 11th 2014

If you go with a large lending institution most likely a minimum 60 days regardless of what type of transaction. If you go with a broker or mortgage lender most likely 30-45 days on average. We have had some purchases close in less than 20 days.

Feb 11th 2014

Our average at Supreme Lending is 27 days but if it is a rush we can do in 10 days with a complete file. We do 87% purchase loans though very few refinances. Any questions or if I can help? Brenda Rogers 305-338-7000.

Feb 12th 2014

normally need at least 30 days, now I can do 3 weeks since banks have much less loans now,Jenni Rowe

Feb 12th 2014

Normally needs 30 days. but now, lenders have much less loans, 3 weeks should be enough.Jenni Rowe

Feb 12th 2014

There are so many variables, but what I tell my clients is that once I as a lender have their fully signed application AND their minimum documentation (W2's, pay stubs, bank statements), that about 30-days works in most circumstances. www.SaintPaulMortgageBroker.com

Feb 12th 2014

Average is about 45 days, although most purchase contracts seem to be made out for 30. A mortgage broker that has access to a multitude of banks may be your best bet for a fast closing, as they have the option of choosing from many lenders, all with different underwriting times. If you need something done quickly, I'd be happy to help or at the very least guide you in the right direction with your current lender. I am a local Florida mortgage broker.

Feb 12th 2014

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

Get an answer


Compare Lowest Mortgage Rates

$