Community Answers

1. 

   1-31-11

   David V says:

   No sorry I don’t but I’ll star the question, maybe someone will see it
   take care
   dave

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2. 

   1-31-11

   uofakat99 says:

   A broker should be able to close a loan in 7-10 business days…if you have all the info to close (w-2′s bank statements…etc) it can go faster.

   What state is it in I know some real good brokers???

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3. 

   1-31-11

   William C says:

   in my city the normal time to close on a mortgage would be 4 to 6 weeks , but some as long as 8weeks because of search issues etc sorry

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4. 

   1-31-11

   KConsults says:

   Time to formulate and put Plan B into effect!

   You will probably need to ask the seller for a time extension. Your real estate agent can do this for you. Most sellers are reasonable if there is a good opportunity for the home to close within a week or so.

   Depending on your situation you might be able to get approval and close within 7 business days with a new lender. Email me with your state and I’ll see if I can hook you up with someone. One that might be able to protect (pay) your friend too.

   Good luck.

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5. 

   1-31-11

   Larry T says:

   providing you have all the information you should be able to close using a direct lender in about 3 days. Providing inspections and repairs etc are already done.

   Brokers take longer and cost more.

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6. 

   1-31-11

   Tracey T says:

   http://www.capitalonehomeloans.com is stating that they close loans in 10 days or less. http://www.bankofamerica.com also claims they can process your mortgage quickly. I don’t have experience with either but they’re big names (i.e. not fly by night operators) so perhaps you could start there.

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7. 

   1-31-11

   Workfortoday says:

   I can help you. Yahoo doesn’t allow you and I to email here but go to this site below my email is there but also there are some tools for sellers and buyers there you can use them all for free. If you do email me, just cut and paste this question you asked in the email and I’ll send you a very fast email of someone in your area who can help you. I do real estate world wide on the Internet and very well known on yahoo answers. If you go to google.com and type the web site address in as a search, you’ll see others we helped. Hope this helps.

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8. 

   1-31-11

   oldfolkie11 says:

   Using a different mortgage broker, you might be able to close by your deadline. The two things that take the most time before your application can be approved and your new loan underwritten are: 1. Obtaining the appraisal on the property you’re purchasing, and 2. Having the title search done. If you friend has already got the appraisal and title work done, and is willing to turn them over to the new broker, it may be possible to get approval and close in just a few days. Contact your friend immediately for these items, and get them to an experienced broker in your area.
   Loan applications are processed electronically these days, so you have a good chance with a broker who has the trust and good will of several lenders who would be willing to put a “Rush” on your application package.

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9. 

   1-31-11

   Realtor Angela says:

   You need to go with a direct lender and it needs to be one of the bigger companies. Stay away from brokers right now. I used to work for Countrywide I know they can do it we were always doing 10 day closes. If the appraisal has already been done that is even better. I would suggest you get on the phone in the morning and talk to a couple of banks until you find one you like and who can do the loan that quickly.

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10. 

    1-31-11

    teran_realtor says:

    You didn’t say WHY he said he won’t be able to do it by then. Or what kind of loan you expect to be getting – FHA, VA, CONV, conforming, B/C/D paper?

    It’s easy for people on here to brag about how fast a loan can be done (I’ve seen a house go 3 days, contract to close with an FHA loan!) But without knowing the whole picture, NOBODY’S promise is any better then what you’ve got now.

    Note – on the 3 day deal, the buyer was FULLY approved on a prior contract that didn’t close due to seller and the house had just come back on the market with appraisal and title work already done. So the full picture needs to be known to predict a timeframe.

    Also – there are subprime lenders biting the dust daily. If that’s where he thought he was going to place your loan, it’s possible that nobody can do it in time.

    You REALLY need your Realtor’s input on this. Let him know what the true picture is and maybe he’ll know where to go locally, with in house underwriting to get it done fast.

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11. 

    1-31-11

    Therita M says:

    Yes, it can definitely happen. However, it all depends on the individuals situation. I am willing to help . You can visit us online at http://www.divinitymortgagegroup.com or call toll free 877.384.6489. Let our professionalism and experience save you time and money.

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12. 

    1-31-11

    Patrick G says:

    lots of Mortgage Brokers will be able to close you, if you can be closed. Low fico, no down payment, these are not available any longer. check your loan contingency and see if you need to extend it to save your good faith money.

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