How long do I have to get financing for a home purchase after I have put in an offer?

Asked by Ladydove, Grafton, WI Sun Jan 22, 2012

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Mark J Brunn…, Agent, Wauwatosa, WI
Tue Aug 27, 2013
Mark J Brunner / Broker Associate with Keller Williams

First of all the time you have is determined on the time frame that you put on the offer to purchase under the financing contingency. First of all as your representative I would talk with the lender that we are pre-approved with to see how fast we can get it done even before we write the offer.
So depending on the lender on a fast track you can get it done in less than 3 weeks if working with a local lender, the mortgage broker will need anywhere from 30-60 days. so it is always better to work with a local lender where decisions are usually made in house.
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Gary and Kar…, Agent, Boca Raton, FL
Sun Jan 22, 2012
Generally... The task of financing is best handled by a seasoned mortgage broker at the onset of the property search... This ensures you are targeting homes within your budget and price range. This can avoid complicating the transaction, major delays and will ensure you are able to afford your property of choice. There is a couple of caveats to this; if you have significant assets (unencumbered and well beyond the purchase price) and are not dependent on a mortgage (mortgage not required but opted for) or you have impeccable credit and understand all requirements, have at least 25% in reserve for a down payment and have no contingencies, ie dependent on selling one home to another...
At that point the purchase should be able to be consummated within the typical allowed time frame (45 days).
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Elliott R. O…, Agent, McLean, VA
Sun Jan 22, 2012
You get pre-approved for a loan first so you know if you will even qualify. That way you know how much you can afford and how much you have to put down. Please take a minute to read about the Pre-Approval process here: http://www.trulia.com/blog/elliott_r_oliva/2011/12/pre-apppr…
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Diane Neeck, Agent, Milwaukee, WI
Sun Jan 22, 2012
Hi Ladydove, it depends on when you want to close. If you are closing within 45 to 60 days of acceptance, then 30 days is standard. The bank needs time to process your application and order an appraisal. Lenders will only promise a loan commitment for a certain period of time, so you would have to check with your lender to see what their guidelines are. Nina is right, you should talk to a lender and see what type of loan you are approved for before starting your home search
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Nina Kraus, Agent, Glendale, WI
Sun Jan 22, 2012
I usually suggest my buyers have a pre-approval letter from a lender before they even write an offer on a house. The timeline for the financing and the loan commitment are written in the offer. If you need a realtor to help you, I would be more than happy to do so. I work in the Grafton area. Just e-mail me or call me.

Nina Kraus
Coldwell Banker Residential Brokerage
414-207-3953
nina.kraus@cbexchange.com
Web Reference:  http://kraushouses.com
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Susan Rahn, Agent, Fitchburg, WI
Sun Jan 22, 2012
assuming your offer is accepted, the contract to purchase will state the timeline for you to apply, get a commitment, and ultimately have the money at closing. You're Realtor/buyers agent should keep track of the timeline to make sure you comply with the terms of the contract.
You should always refer back to the contract for answers.
If you are unsure and not working with a Realtor, you should consult an attorney.
If you are not working with a buyers agent I highly suggest that you do. Or find a good real estate attorney. You will more than likely have many more questions throughout the transaction.
I do not work in the Grafton area but could recommend a couple very good Realtor buyers agents if you like. feel free to PM me.
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Tim Moore, Agent, Kitty Hawk, NC
Sun Jan 22, 2012
Your contract to purchase will have a closing date in it somewhere. The easy answer is you have up to that day to arrange for a mortgage and have it in place and ready to close with a check from them at the office where it will close.
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Roland Vinya…, Agent, Sprakers, NY
Sun Jan 22, 2012
That should be stated in the purchase contract you signed. Our own contracts provide for 45 days. Sometimes, circumstances dictate a change to a longer period.
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Robert D Hug…, Agent, Devon, PA
Sun Jan 22, 2012
Lady love, that should be written in your paperwork. If for some reason you can not locate that information, contact your lender and or representative so they can inform you your mortgage approval time-table. In my locale all transactions are different therefore there are no set time frames to have a mortgage commitment.

Good luck to you,

Rob
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