topic Re: How long in Mortgage Loans

How long

Anonymous — Tue, 11 Aug 2009 07:02:16 GMT

What are some of the times it took from when you put in your offer and got accepted to the time it took to close? What banks did you use, creidt scores ect...

Thanks, Hox

Re: How long

Lel — Tue, 11 Aug 2009 07:11:12 GMT

We put in an offer on a Tuesday and received news of our accepted offer in 2 days. From there, we closed in 21 days. Went with an independent loan officer who got us into a loan with B of A. Scores were close to 800.

Re: How long

Anonymous — Tue, 11 Aug 2009 07:18:25 GMT

WOW Lel, seems like it was pretty painless for you guys... Good going!

Re: How long

GRILLMASTERNEEDAHOUSE — Tue, 11 Aug 2009 08:35:56 GMT

Hox, I think you are going get different answers from everybody because a lot of factors are involved i.e geographical location, banker, agent, seller motives, buyer motives and on and on..All banks going to use credit scores, amount of income, DTI, credit history. Different requirements for FHA, VA, etc.. There are mountains of other documents depending on your particular situation. I was pre-approved, found a house seven days later and put an offer on it, next day offer accepted (July 3rd) and the process been going ever since and package about to go to the underwriter, suppose to close in a couple of weeks so we will see. I consider myself lucky because pending on where you at, people have put in offer after offer with no joy. I really just depends.

Re: How long

Anonymous — Tue, 11 Aug 2009 09:17:57 GMT

GRILL,

Yea, I just like to hear peoples stories. I know it varies from situation to situation.

Thanks

Hox

Re: How long

SonorityGenius — Tue, 11 Aug 2009 10:28:11 GMT

First, to those that say house hunting is fun - it ISNT! ahhhhhh, it took over 30 different houses, 5 offers outbid, and 3 sellers backing out to FINALLY get the home I am in now! It is NOT a fun process at allllll

We made our offer on may 11th, offer accepted may 14th, mortgage commitment recieved may 28th, closed on June 11th!!

Surprisingly, the house hunting process was more tedious than our mtg process! Scores over 700 but we complied with EVERY single document request, had a wonderful wonderful LO that actually txted me progress throughout the day! lol

Re: How long

GRILLMASTERNEEDAHOUSE — Tue, 11 Aug 2009 11:07:22 GMT

@Anonymous wrote:
GRILL,

Yea, I just like to hear peoples stories. I know it varies from situation to situation.

Thanks

Hox

I understand. How do you react to the different stories? Some stories make me feel lucky about my situation and some make me nervous as hell that I don't go through the negative experiences some have.

Re: How long

Anonymous — Tue, 11 Aug 2009 14:48:28 GMT

My process is taking kind of long, but it's pretty painless.

We put in an offer around 5/24. The seller was slow in getting back to us while waiting for some other offers but eventually we agreed on a price the first week of June.

The contract negotiations also took a long time. In NYC we use attorneys and both mine and the sellers attorney went back and forth over everything. We finally had an executed contract on 6/23, one month after our initial offer.

We were approved with conditions within a few days. We had a complicated file and had a lot of weird conditions to take care of, and we finally got the clear to close on 7/28 about a month after we applied for the mortgage.

We had a closing date for last week but the seller asked to postpone it until this week which was fine with us. I hope to be closing tomorrow. The whole process was about 11.5 weeks which is a bit long, but no horror stories.

We used a broker who went through US Bank. Credit scores were 680+.

Message Edited by Adelaide on 08-11-2009 07:48 AM

Re: How long

Anonymous — Tue, 11 Aug 2009 16:43:02 GMT

From contract-signing to close was 33 days for me, concluding an arm's length contract with a personal acquaintance. We'd done any/all negotiating prior to sitting down to make the contract, and my inspector (a professional, but also a personal acquaintance) had taken a look at the property, so some of the groundwork had already taken place. In fact, the mortgage broker -- who provided a contract template -- already had my loan application, and was sitting on a pre-approval when he received the contract.

Message Edited by oldhack62 on 08-11-2009 09:43 AM

Re: How long

Anonymous — Tue, 11 Aug 2009 17:34:32 GMT

my offer was accepted april 30th, and i got keys on june 30th. i got preapproved in Jan. had 4 failed offers on other houses before the one i'm in. My loan went through bank of america and the selling bank was bank of america as well. i had issues with a leaky roof that had to be repaired during escrow and when the appraisal price came in $10k under what i offered we had to do some renegotiating. luckily all worked out in the end, but man was it a stressful time!

Re: How long

Anonymous — Wed, 12 Aug 2009 11:56:25 GMT

It was 5 weeks for me. Loan was ready a week early but repairs were still being done..

Re: How long

Anonymous — Thu, 13 Aug 2009 08:31:55 GMT

Tanks for all the responses, keep them coming if you want.... I am gonna start the process on 1 Sep and hoping it does not take more than 6 weeks.

Re: How long

ShanetheMortgageMan — Thu, 13 Aug 2009 20:20:27 GMT

@Anonymous wrote:
WOW Lel, seems like it was pretty painless for you guys... Good going!

Ask when Lel purchased their home though.

Re: How long

Lel — Thu, 13 Aug 2009 20:47:14 GMT

ShanetheMortgageMan wrote:

@Anonymous wrote:
WOW Lel, seems like it was pretty painless for you guys... Good going!
Ask when Lel purchased their home though.

Heh heh....bought about 3 years ago. Nine other offers, had to go >$50,000 above asking. Bounced the earnest money check in the process. A federal holiday ate up one of the business days, shortening the time to get our act together. Termite treatment and other little fixes had to be squeezed into this time. Then about 11 minutes after we closed, the housing market in our area began its gradual decline. Far from painless!

Re: How long

Anonymous — Fri, 14 Aug 2009 13:58:49 GMT

Dang Lel, thats must of been driving you insane at the time....