04 Oct Tips for Closing a Mortgage Quickly
As those who have been through it before can tell you, buying a home comes with a few basic processes. These processes naturally have expected time periods in which they’re completed, and while these can vary a bit within each situation, there’s a general range you can expect heading into the mortgage and homebuying process.
At City Creek Mortgage, we can do a few things when it comes to these processes while you’re buying a home. We can help familiarize you with them, for starters, but we can also offer tips on shortening certain areas for buyers who may need to close a bit faster than normal. Why might you need to close faster on a mortgage loan, and how can you go about making this happen?
Why Close Quickly?
There are actually a number of reasons why you might need to close sooner than normal if you’re a buyer. They include:
- You’re relocating to a new city, perhaps with date requirements for a new job.
- You have a baby or a new pet on the way and require more space in a bigger home.
- Your first home is for sale or has already sold, and you need a second home.
- You’re a home flipper who has identified a hot market and is looking to capitalize on it.
- You’ve done your research on mortgage rates and expect them to rise in the near future, so are hoping to close before this happens.
Typical Process Time Periods
The general homebuying process can vary in length depending on a few factors, including the market, the home you’re looking for, and the areas you’re searching in. You can generally plan for at last a month of searching for a home, then between another 30 and 60 days for the mortgage closing process to be completed. Basically, expect a standard homebuying process involving a mortgage to take between three and four months.
Tips for Shortening the Process
This doesn’t always have to be the case, however. There are some basic things you can do to help speed up the process, including the following:
- Pre-approval: Pre-approval is an official process where you provide your lender with significant documentation, including credit information and other important financials. You go through the underwriting process as well, and get a detailed estimate of the price range you’ll have available to you based on the mortgages you qualify for. Pre-approval allows you to both save time and bolster your initial purchase offers in many cases.
- Great realtor: If possible, look to a local expert in a realtor who knows your area. They can help you find great homes, and also can negotiate for you.
- Planning and flexibility: Do as much advanced planning as you can before ever starting the process. Consider the things you’re prioritizing in your search, whether this is neighborhood quality or home amenities. Prepare your paperwork in advance, plus ensure financial areas like your credit score are in good order. At the same time, be prepared to be flexible and meet the needs of your lender or underwriter quickly to help move the process along.
For more on getting a mortgage closed out quickly, or to learn about any of our mortgage services, speak to the staff at City Creek Mortgage today.