Financing in Capitol Heights>Question Details

Ganttsrus, Home Buyer in Suitland, MD

How long does it take to get a clear to close on a home loan after approval contengencies are met?

Asked by Ganttsrus, Suitland, MD Thu Sep 23, 2010

We have an approval with contengencies and all the contengies are just about done. Once my loan officer submits all the contengency requirements to the underwriter, how long does it usually take to get "final approval/clear to close" from them?

I am hoping they submit everything today since we had the approval on Monday and everything I needed to do on my end has been completed.

Help the community by answering this question:


We have been cleared to close and close today!!!! So for anyone who says it can't be can!
0 votes Thank Flag Link Thu Sep 30, 2010
A lot depends on what kind of loan you have, as different types of loans can be more complicated than others; I.E. have more paperwork. USDA loans, VA loans, etc. have a lot more paperwork that traditional loans. You should also consider the title work that must be done for closing. It is important that all tiltle work be transferred properly to prevent future problems for you: the buyer. It will mostly depend on the current workload of the loan officer and title co. you are using. Your real estate agent should be in contact with both of these offices and should be able to give you a good indication of how things are moving along. Don't be afraid to call your agent; that's what they are there for. And don't will all be ok!
0 votes Thank Flag Link Thu Sep 23, 2010
Thank you. Looks like we are working for closing on the 29th and submitting all contengencies later it looks like a day or 2 for the final approval with them. thanks all.
0 votes Thank Flag Link Thu Sep 23, 2010
I understand, just went through this myself not too long ago. The process can be exciting yet nerve racking.
good luck!
0 votes Thank Flag Link Thu Sep 23, 2010
I just like getting a general idea. Thats why I like this helps me through my "freaking out/panic" stages I be having. Thanks though.
0 votes Thank Flag Link Thu Sep 23, 2010
that is why you are paying he/she and he/she would have more of an accurate answer than any of us.
0 votes Thank Flag Link Thu Sep 23, 2010
Because I wanted to know everyone elses opinions without bothering him while he is working to get this done.
0 votes Thank Flag Link Thu Sep 23, 2010
Why are you not asking this question to your loan officer?
0 votes Thank Flag Link Thu Sep 23, 2010
Hi there ...
As a loan officer I can tell you it is a vicious circle sometimes. It so so depends on the company and their work load. The processor has things that must be completed in addition to any paperworkyou have given to your loan officer. I am hopeful that you do know that after the 'clear to close' there is other work such as the doc dept that must coordinate all of the closing papers etc... As a broker my process happens pretty expeditiously BUT I once worked for a bank (I'll let them remain nameless) that absolutely took weeks ...
Talk to your loan officer for sure and have the loan officer tell you about their particular process.
I wish you the very best!
Web Reference:
0 votes Thank Flag Link Thu Sep 23, 2010
Thank you Scott. That was what I am looking for. We are already at the end of the process so I don't need to know the 45 days that Micheal mentioned...just the time that the underwriter can clear us to close once the contengency items are submitted to them. I am hoping that we can then settle 2 days from the clear to close timeline.
0 votes Thank Flag Link Thu Sep 23, 2010
In normal circles, the underwriter could give clear to close within 24 hours of receiving the the outstanding conditions. Closing could take place 7 days in most cases from approval. There are soem variables such as the closing date on your purchase agreement and if the seller is out or can be out within that time.

You should ask your loan officer the procedure for your type of loan and situation,l they can easily answer you with an exact time table.

Good luck with your closing,
0 votes Thank Flag Link Thu Sep 23, 2010
The average going right now is around 45 days. Some can go faster some slower. Foreclosures and short sales are the slowest going right now. They may go a little slower but you can pick up a lot of house for less money. Any other questions feel free to call me if you are looking in Michigan or a local agent in your area. You can find an experienced agent in your are by calling the local real estate board.
0 votes Thank Flag Link Thu Sep 23, 2010
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