When using conventional financing how long is the closing time?
I am buying a home early next year and I'm curious to know how long closing takes. I've read that investors can close in as little as 3 days, but they have their own money to use. I will be using a traditional mortgage, so I'm curious to know how long I will have to wait from the time the contract is signed and ratified to the time I have the keys in my hand and take posession of the home.
Is the bank the only thing that takes up the time, I read that with conventional financing closing can be within 30, 60, or 90 days. Can anyone shed some light on this?
Hi Ian...........this may vary from area to area
Certainly, when everything falls smoothly into place, a house can close in 30 days, start to finish, but that's pushing it ......Many mortgage companies now require 30 days for commitments, and 10 business days for all paperwork to be returned following the commitment, so 45 days is a more practical range with conventional financing - with inspections and title work included.........I find average closings in my area are running 60-75 days.
Good luck in your future purchase!
Debbie Rose
Prudential NJ Properties
I typically allow 30 days from ratified contract to closing for conventional loans. If you are buying a home early next year this is a great time to talk with the lender of your choice and get the documents in order that they will require at the time you make loan application.
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