topic Re: Before the internet in Mortgage Loans

Before the internet

Anonymous — Fri, 06 Apr 2018 15:26:39 GMT

How long did it take for a mortgage loan from start to finish before all these e signatures ? I know we actually sign closing papers but everything else has been e mails. Just was wondering lol

Re: Before the internet

IOBA — Fri, 06 Apr 2018 17:12:48 GMT

My experience was 30-60 days. We use to put 45 days on the offer "just in case" we needed the extra time to close the loan. Credit reports were pulled in some mysterious way and the lender had them almost immediately.

Since the internet, I have closed in 10 days or less after the contract has been ratified (includes weekends.) ** It wasn't because of the internet, per se. I had all my docs in to the lender as soon as I had a ratified contract and signed the loan app/papers in person.

Re: Before the internet

pipeguy — Fri, 06 Apr 2018 22:43:08 GMT

Having purchased/sold/refinanced 10 or 12 properties over the last 30+ years I think it's about the same, 30 to 45 days on average. I've done several buy/sell settlements from out of state and managed to do those by mail/FedEx. Having just done a refi on our current property (closed 3/30/18) I will say the ease of e-signing some documents was easier - still had to fax in about 50% which needed to be ink signed - and the "settlement" has held in my dining room by a notary/settlement agent rather than in a title or attorney's office.

I'd say the internet offers additional "information" on the process and greater ease of selecting a lender, can't say it speeds anything up as far as the "process". On my recent refi. I could have gone from application to settlement in 3 weeks but delayed it a while due to the appraisal and a kitchen refurb project that was in progress but not completed yet (still it took only 39 days start to settlement).

In general a rate lock in is good for 60 days, I'd say that's more than enough time.

Re: Before the internet

me12345 — Fri, 06 Apr 2018 23:13:31 GMT

@pipeguy wrote:
In general a rate lock in is good for 60 days, I'd say that's more than enough time.

Rate locks are typically only for 30 days, anything longer than that and your paying an extra fee for the extra time.

If your lender cant get a deal done in 30 days, you need to find a new lender... (excluding Unique situations)

Thanks,