Can some banks/lender close a home loan within 10 days after they receive the home loan application ?

Question : Can some banks/lender close a home loan within 10 days after they receive the home loan application ?
Can some banks/lender close a home loan within 10 days after they receive the home loan application ?
home loan application

Best answer:

Answer by A D
I do know of this happening, but it is usually a “hard money” lender who had different criteria than the typical lender.

You should check with your lender to see what their closing time frame is.

This entry was posted by admin on September 3, 2010 at 5:18 am, and is filed under Loans and Mortgages. Follow any responses to this post through RSS 2.0.You can leave a response or trackback from your own site.

Comments (6)
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#1 written by MadMan 1 year ago

Realistically, no.

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#2 written by Noneya 1 year ago

It depends on what type of loan you are doing. If you are doing a conventional loan through a broker then probably not thanks to the new HVCC requirements which requires all appraisals to be ordered through the lenders AMC. What this means for you the consumer is that brokers are no longer able shop for appraisers that can get the order done as quick as possible to avoid delays.
In addition most lenders right now have 7-10 days turn times just to underwrite files.

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#3 written by david g 1 year ago

Depends on how fast the appraisal is completed and how long it takes to underwrite the file. If the lender has their act together and they hustle it can be done, If its a refinance, the borrower has a 3 day right of refusal and that is counted in the 10 days. It can be done if things go smooth.

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#4 written by Rick 1 year ago

Yes, it can definitely be done. It is not the usual time frame, but I’ve seen it done before. This is accomplished by having some of the conditions submitted upfront. Experienced loan officers know who the fastest lenders are, and what they will be requiring. One thing that helps is to get all inspections and appraisals done very, very early after the application has been submitted. It is crucial that the appraiser have no more than a 24 hour turn around. What this means is that if the appraiser is at the property today, the report has to be at the bank tomorrow.

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#5 written by Daniel R. 1 year ago

It is possible but highly unlikely. They need to verify your employment and credit, obtain an appraisal and underwrite the loan. You should get a home inspection (unless it is a new home with a warranty). And then they have to draw up the papers and schedule the closing, coordinating with the seller, one or more attorneys, an escrow company, etc. .

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#6 written by Landlord 1 year ago

Yes, if the buyer has all of their ducks in a row.

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