closing time?

Asked by Beth, Blue Point, NY Mon Jan 25, 2010

being from NY where it takes min 60 days to close what is Pa closing time frame? Are fh?a handled the same

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7
Linda Marlow, Agent, Bethlehem, PA
Mon Jan 25, 2010
The "typical"losing time is between 30-60 days; 45 days being the "normal". However, I have closed as quickly as in 4 days for a client. If you have any particular questions, please fee free to contact me at Linda@Linda Marlow.com or my direct phone line: 610-694-9343.
Web Reference:  http://www.LindaMAlrow.com.
1 vote
Chad Bahnsen, Mortgage Broker Or Lender, Exton, PA
Thu Jan 28, 2010
Hi Beth, I'm a mortgage banker in Delware county, PA. I closed a loan in 2 weeks last month but that is very unusual. Typically it's 3-4 weeks to close as long as the client is organized in getting me everything that I need and there are no unexpected hold ups with the appraisal, titlework, etc. I'd be happy to assist you if you don't already have a loan officer. I've been in business a while and have an oustanding support staff. Have a good evening. Chad 610 622 2212 cbahnsen@mortgagenetwork.com
0 votes
Brigita McKe…, Agent, Stroudsburg, PA
Wed Jan 27, 2010
Hi, Beth!

I see you asked also about closing costs. Here again, closing costs have several variables. It all depends on when the settlement takes place, the down payment, if you are paying points on a loan, etc.

Closing costs for the buyer include title insurance fee, settlement and notary fees, mortgage and deed recording fees, property taxes pro-rated (school, county and municipal taxes), appraisal and credit report fees, mortgage preparation fees,and miscellaneous fees. The property taxes are variable, depending on when the settlement occurs, as are the title insurance fees.

Contact me if I can be of any further assistance.

Brigita

Brigita McKelvie, REALTOR, e-PRO, GRI
Pennsylvania License #RS297130
Keller Williams Real Estate, Bethlehem, PA
Mail to: brigita@brigitamklv.com
Web: http://www.brigitamklv.com
Blogs: http://activerain.com/blogs/brigitam
0 votes
Phuston@engl…, , Pittsburgh, PA
Wed Jan 27, 2010
We are closing loans in Pennsylvania in 25 to 30 days without any problems. We are an FDIC insured bank, not a mortgage broker, so we have on-site underwriting and processing for conventional as well as FHA and VA loans. Call me if you need any assistance with financing in Pennsylvania @ 412-638-1666. Thanks, Pete Huston, ENG Lending, the mortgage division of the Bank of England (Pittsburgh Branch.)
0 votes
William Pola…, Mortgage Broker Or Lender, Suwanee, GA
Mon Jan 25, 2010
Closing time is lender specific. There are things that can delay a closing: Employer not responding to verification of employment; tax search problems; appraisal issues; insurance issues; verification of rent issues; Home Owner's association issues. So, it's not always the lender (not that you were blaming them) that causes delay, there are other factors. Some lenders are more careful in underwriting and take longer, while others are so busy they take longer to underwrite a loan (typical time frame is 3-5 business days to underwrite). FHA is said to take longer, but I believe that's usually said by a loan officer who is not familiar with FHA.
0 votes
Beth, Home Buyer, Blue Point, NY
Mon Jan 25, 2010
Ok so closing time in oa is same as ny I am sure the closing fees are not. Whar are round abour cc on a 310k home in pa? fha loan 3.5% down?
0 votes
Brigita McKe…, Agent, Stroudsburg, PA
Mon Jan 25, 2010
Good morning, Beth!

Once an offer is accepted on a home, it is possible to setlle on it within 60 days. There are factors that do come into play. Some of them may be sometimes the seller may need extra time to find suitable housing, or, the FHA requires repairs to be completed before financing. Another exception would be if the sale is a short sale or a foreclosure. In that instance, you are dealing with banks and may take a much longer period of time.

As you can see, it depends on certain conditions as to how soon settlement can occur on a home.

I hope this information has been helpful to you.

Brigita

Brigita McKelvie, REALTOR, e-PRO, GRI
Pennsylvania License #RS297130
Keller Williams Real Estate, Bethlehem, PA
Office: 610-867-8888 Direct: 610-393-9424
Mail to: brigita@brigitamklv.com
Web: http://www.brigitamklv.com
Blog site: http://activerain.com/blogs/brigitam
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