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How do people know their closing dates so early?

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unixman
Established Member

How do people know their closing dates so early?

My loan officer was hesitant to even speculate on a specific closing date until we were given the clear to close... I've read in my posts about people know their closing dates weeks in advance... And then I also frequently hear about closing dates getting pushed back.

 

In my experience, I needed the clear to close to even get a slot with the title company to close. I found out my closing date 1 day after receiving my clear to close. Am I at risk of having this pushed back/delayed like many of the stories I've heard?

 

This date is already scheduled with the title company, sellers and attorneys.

 

Thanks


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Message 1 of 7
6 REPLIES 6
kdmitchell27
New Contributor

Re: How do people know their closing dates so early?


@unixman wrote:

My loan officer was hesitant to even speculate on a specific closing date until we were given the clear to close... I've read in my posts about people know their closing dates weeks in advance... And then I also frequently hear about closing dates getting pushed back.

 

In my experience, I needed the clear to close to even get a slot with the title company to close. I found out my closing date 1 day after receiving my clear to close. Am I at risk of having this pushed back/delayed like many of the stories I've heard?

 

This date is already scheduled with the title company, sellers and attorneys.

 

Thanks


Certain lenders will usually give a closing date that is 45-60 days away. In my example Citimortgage did a 60 day closing date putting us at 4/29 and they have a close date guarantee which gives me $1500.00 towards closing if I miss my closing date due to any fault by Citimortgage.

 

However again it's dependent on the lender and how confident they are on getting you closed on time.

Lender Pulled Credit Rating as of 4.10.2013. (Fico Experian: 660) (Fico TU: 685) (Fico Equifax: 659)
Message 2 of 7
foofighter74
Established Contributor

Re: How do people know their closing dates so early?

The closing dates people get at the start of the process are simply estimates.  It's not set in stone.  In fact, a lot of people could save themselves some stress if they realized that.

 

When we sat down with our builder prior to construction beginning, we were given a settlement date of 6/5.  That wasn't the date they would have the house done, that's the date they were telling us we would close on the home.  Now, that date is simply based on a ten week estimate.  Based on how quickly they're going, my guess is the house will be done at the end of next month, but who knows.

Message 3 of 7
tooleman694
Valued Contributor

Re: How do people know their closing dates so early?

Our closing date was set 6 months out, scheduled 2 months out and we closed on the day we picked. We had clear to close for a couple weeks before we closed. Ton of time to get it in order.

Message 4 of 7
Adalen
Frequent Contributor

Re: How do people know their closing dates so early?

Yeah, we had an estimated closing date of 4/30 for convenience.  We started the process on 2/19 and it's just to give everyone a goal to shoot for.  We are closing on 4/24 and the actual closing date wasn't given until we signed the title paperwork.


Message 5 of 7
deg757
Regular Contributor

Re: How do people know their closing dates so early?

Our closing date was set in the original purchase agreement we signed. We signed on September 18th, the contract asked for a closing date of October 26th. We got the clear to close on October 24th and closed two days later with no problems. We never felt rushed or that the deal wasn't going to happen. I guess the broker could have been rushing around doing things up until the deadline but we had no problem closing in that amount of time.

Starting scores 2/27/12 TU 605 EX 576 EQ 560
Current scores lender pull 9/6/12 TU 663 EX 629 EQ 645
Closed on our first home 10/26/2012!
Message 6 of 7
MovingForward_2012
Valued Contributor

Re: How do people know their closing dates so early?

Our closing date was ASAP because we were dealing with a Landlord monster beast woman. So glad that I am the landlord now! We were supposed to close on 1/31 but to our horror we didn't close until 2/6. But now that's water under the bridge...moving forward! Smiley Wink
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