If you need or want to be into your new home quick here is my advice. Your goal is to be in your new home in thirty days. Most mortgages in 2014 are taking a little longer. To get it done in 30 days everything has to go smoothly and quickly. The mortgage, the inspection, getting the documentation to the lender, it all has to go quickly. The normal mortgage process is taking about 35 to 45 days depending on the lender. But you want it to happen in 30 days, everybody has to know your goal of closing in 30 days.
The first step you need to take is to talk to your mortgage lender and make sure they can close the loan in thirty days. As soon as the purchase agreement is signed you need to immediately start your mortgage. You can't wait a week or two to start. It has to start the same day you have an accepted offer. You need to have all your financial documents in your mortgage person's hands the same day.
You need to have the inspection done immediately. You are gambling here. If you start your mortgage immediately you will have paid for an appraisal prior to the home inspection. If the home inspection is bad you may have spent money on a home inspection and an appraisal on a home you are not going to buy. So that is a risk you have to take if you need to close very quickly.
They key to closing quickly is to get the appraisal and inspection scheduled quickly and to respond the same day to the mortgage lender. If the mortgage lender needs another document from you, your goal is to have it back to them the same day. If you wait two or three days to get it to lender, then it will take them a day or two for the underwriter to look at it. You are not going to close in thirty days if you wait 6 or 7 days to get the mortgage started, then take multiple days to get them the financial information they need.
If you want the lender to jump through hoops to get this done you have to do the same thing. There cannot be any delays what so ever on your part. Your job of getting the lender all the documents has to be your top priority.
So my home buying tip is If you want to move in quickly you are going to have to gamble that the home inspection is going to go well. You are going to have to work together with your lender to get everything done on time. So GET GOING and RESPOND IMMEDIATELY so you can move in quickly.
The first step you need to take is to talk to your mortgage lender and make sure they can close the loan in thirty days. As soon as the purchase agreement is signed you need to immediately start your mortgage. You can't wait a week or two to start. It has to start the same day you have an accepted offer. You need to have all your financial documents in your mortgage person's hands the same day.
You need to have the inspection done immediately. You are gambling here. If you start your mortgage immediately you will have paid for an appraisal prior to the home inspection. If the home inspection is bad you may have spent money on a home inspection and an appraisal on a home you are not going to buy. So that is a risk you have to take if you need to close very quickly.
They key to closing quickly is to get the appraisal and inspection scheduled quickly and to respond the same day to the mortgage lender. If the mortgage lender needs another document from you, your goal is to have it back to them the same day. If you wait two or three days to get it to lender, then it will take them a day or two for the underwriter to look at it. You are not going to close in thirty days if you wait 6 or 7 days to get the mortgage started, then take multiple days to get them the financial information they need.
If you want the lender to jump through hoops to get this done you have to do the same thing. There cannot be any delays what so ever on your part. Your job of getting the lender all the documents has to be your top priority.
So my home buying tip is If you want to move in quickly you are going to have to gamble that the home inspection is going to go well. You are going to have to work together with your lender to get everything done on time. So GET GOING and RESPOND IMMEDIATELY so you can move in quickly.