Financing in 33042>Question Details

Michael Mich…,  in 32909

I need a fast working lender who are able to close within 15-25 days. We have all documents ready and survey is being done today. Any suggestions?

Asked by Michael Michaelsen, 32909 Sat May 19, 2012

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This may not be what you want to hear, but it's the truth!

We in the mortgage indusrty all know that anything near 15 days just about never happens these days. Though some make make those claims still, it does not mean it ever happens. Or at least on any low interest rate and low closing costs loan.

The Dodd/Frank Act has made it extremely tough for any lender to move quickly. (excluding Hard Money, who can close under 15 days)

You'd be very hard pressed to find anyone who has closed in under 20 days from day of application, to date they closed...and received a low rate.

Call around to lenders as a prior Loan Officer asking for a job and ask them after a few initial questions, BTW if they can close in 15 days and they will all laugh!

If you want the best terms you need to allow for closer to 30 days
0 votes Thank Flag Link Sat May 26, 2012 they can close in 10 days.
0 votes Thank Flag Link Sun May 20, 2012
Michael with a conventional loan 25 days should not be a problem. The 15 days may be unreasonable as the appraisal may slow things down as lenders do not have control any longer of the process. Each bank will hire their own appraisal, appraisals are not usually transferable from one kender to another. Meet with a local and trusted lender and provide your info and time frames.
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0 votes Thank Flag Link Sat May 19, 2012
I guess I should add that this is for a 2nd home.
0 votes Thank Flag Link Sat May 19, 2012
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