How quick do you close after final approval?

[stormysar]

Our lender said we should close next week.  We met final conditions this week.  We have to go through underwriting again (or already are, not sure).  I am just curious, if we get final approal could we close a day or two afterwards? 

[StartingOver10]

---

@stormysar wrote:

Our lender said we should close next week.  We met final conditions this week.  We have to go through underwriting again (or already are, not sure).  I am just curious, if we get final approal could we close a day or two afterwards? 

---

My experience has been 48 to 72 hrs.

However, all the lenders I use close on the closing date of the contract so there is no surprise. Some of the lenders I use actually have the loan package to the title company several days in advance of the closing. The figures for the closing are provided early enough in the process that the HUD1 (closing statement) is usually ready 1 to 3 business days in advance of the closing.

Hopefully your lender is as well organized.. Once you receive the official "clear to close" than expect to close a day or two afterward. Ask your LO what their specific process is because it does vary from lender to lender. Also the method chances slightly if you are in an escrow type closing state (close in escrow first and wait for keys until the loan is funded and transfer is recorded)  rather than a table funding state (immediate funding at the table, receive keys immediately).

[stormysar]

Is it 'normal' not to have an exact closing date in advance?  We were aiming for the 15th but that fell through.  our contract stated no longer than the 30th, but that is Monday and as far as I kow we are still in (hopefully final) underwriting. The owner is really hoping to close by the 4th now, but thank goodness he is willing to wait because he really wants us in his childhood home as much as we want to be there!

[Mrs_hambright]

I closed 48hrs after final approval, if you can't get your loan officer try the title company, they will give you the date & amount needed for closing.

[StartingOver10]

---

@stormysar wrote:

Is it 'normal' not to have an exact closing date in advance?  We were aiming for the 15th but that fell through.  our contract stated no longer than the 30th, but that is Monday and as far as I kow we are still in (hopefully final) underwriting. The owner is really hoping to close by the 4th now, but thank goodness he is willing to wait because he really wants us in his childhood home as much as we want to be there!

---

July 4th is a holiday - so you have Monday, Tuesday, Wed, Thurs and half of July 3rd (maybe) to close.

Title co's and attorney's tend to take off early the day before a major holiday.

To me it isn't normal to not have an exact date unless it is new construction. But I see that many post on here that don't have exact dates (strange way to operate IMO).

Do you have a signed extension yet? If not, get one now.

[stormysar]

Can you pick a time of day to close?  Or do they give you the time and you make a way to be there?

[stormysar]

I spoke with my realtor today who told me the title company already has all the papers ready to go - when did that happen?  She said all we are waiting for is final approval. 

[StartingOver10]

---

@stormysar wrote:

I spoke with my realtor today who told me the title company already has all the papers ready to go - when did that happen?  She said all we are waiting for is final approval. 

---

There has to be some miscommunication here.

The loan docs are not sent over to the title company until your loan has been approved, you have been given the Clear to Close and the loan docs have been drawn up.

It is possible the figures were already sent over so the title company could prepare a HUD1 - but you still need loan docs to sign.

Loan docs are never sent to the title company prior to full approval.

Is it possible that you actually have full approval of the loan and all they are waiting for is approval of the HUD1 by the closing department? The lender has to approve the final HUD1 before you close.  I doubt that you would not know the status of your own loan so I think the agent may be confused. Speak to your LO.

[stormysar]

Ok, that makes more sense.  I was wondering why they would have any documents when we dont' even have full approval yet.  We have been approved with conditions and have met those but we are in underwriting again to get them cleared.  I will speak with our LO again tomorrow and see where we are at.  Thanks!