Easy answer, 60 days. But I guess that depends on what kind of Pre-Approval you received or want for that matter. Actually, the answer to such a question depends upon three factors:
- You, as the consumer.
- The Buyer's Agent who is helping you find a home.
- And the quality of the Pre-Approval you receive in the first place.
Ten Seconds, GO - You're interested in buying a home. You even find a few that tickle your family bone. But you need financing because you probably don't have the cash to buy it outright. Which leads to...
Nine Seconds - You're smart and seek out a Buyer's Agent to represent you. This will provide protection in your favor. They represent you and only you.
Eight Seconds - That agent may turn you onto a few folks like me who can help you out from the financing end. And that doesn't mean you shouldn't shop on your own. But buying a home isn't just about getting the lowest rate with no fees (an oxymoron if I've ever encountered one), it's about trust. Interview those who express interest in earning your business and keeping it. If they have the lowest rate with no fees, I can only hope they are in business when you need to do business again.
Seven Seconds- The Pre-Approval is more than just an application and credit check. There's some serious competency going on. They ask for your most recent pay-stubs, W-2's, bank statements, and the last time you had a wet dream about Richard Gere.
Six Seconds - You find a house that you want to call home and a Sales Agreement has been signed and accepted by all parties. And there you are.
Five Seconds- You're hopefully just padding the documentation that you've already given to the Mortgage Company you choose. I recommend Sardi Mortgage Inc, who isn't licensed just yet ... but when you hear Sardi, that should mean something. I'm not sure what, but it means something. Maybe it just means that there is an individual who is all over your particular file like white on puss.
Four Seconds - Appraisal is ordered and done. The rest of your file is pretty complete because everyone got along and did what needed to be done.
Three Seconds - The complete transaction goes into Underwriting, those dastardly folks we think of who hate closing loans. I'll give you a bit of info here, and I usually don't stick up for Underwriters. They only get paid when folks close loans. Without us, there is no them. So, that's that. In business, there's more to it than that, but that is a pretty accurate description.
Two Seconds - You are CLEAR TO CLOSE. If there were three words that were magical in this industry, those are they.
One Second Left - It's a proclamation of your destination. You hit home!
And when there's no time left, that's the perfect time to be imperfect. And that's the perfect way NOT to close.
Jason Sardi
Mortgage Consultant
610-653-0317
jsardi@ihmci.com
;)
;)
Bill,
I'm with Jason all the way, (except for the Richard Gere part. LOL) ...and I appreciate our Underwriters for being available. A letter of explanation on top of the file goes a long way toward making things work.
Mike in Tucson