How Fast Can a Conventional Loan Close?
The length of time it takes to close a mortgage loan depends on the lender you use for financing. If you select a mortgage broker, this can greatly delay the process since they act merely as a middle man. Direct lenders approve, process, and fund the loan. This allows the process to be greatly expedited.
The national average closing time for a conventional loan is over 30 days. There are a variety of reasons that mortgages often take so much time to process and close. Even when using a direct lender, there can be unforeseen hindrances that slow the process down. The best way to expedite the process and close in as little time as possible is to try to adhere to our timeline for a 2 week close.
If you are in a hurry to close on a house or mortgage refinance and need to close in a very short amount of time (less than 2 weeks), we may be able to coordinate a “rush processing order” for you.
Fast Closing Conventional Mortgage Programs
Our conventional mortgage products include all of the most well known conventional mortgage loans. This includes a variety of both purchase and refinance programs, including low down payment home buying programs (such as the conventional 97 loan). Our refinance programs include options to quickly lower your payment or cash out refinance.
Our conventional mortgage products include all of the most well known conventional mortgage loans. This includes a variety of both purchase and refinance programs, including low down payment home buying programs, and fast cash out refinance loans.
If you would like to close your mortgage as fast as possible, there are some easy steps you may take. Immediately after applying and receiving your approval, begin at once to gather and send in your income documentation (pay stubs, tax returns, and possibly bank statements). Additionally, you may want to plan ahead for what appraiser you want to hire and ask them to prioritize completing your appraisal.
On our 2 week timeline, we outline what is a good suggested plan of action. If you stick to those steps in the time-frame that is allotted you should be able to close in less than 2 weeks.