topic Re: How long does a Closing usually take?? in Mortgage Loans

How long does a Closing usually take??

Anonymous — Wed, 19 Aug 2009 13:02:25 GMT

Good morning :-)

How long does the whole process of closing (from the time you sit down to the time you get the keys in your hand) usually take on closing day?

Re: How long does a Closing usually take??

Anonymous — Wed, 19 Aug 2009 13:06:51 GMT

We meet at a Starbucks with the title company rep and it took about 1.5 hours. My wife and I read everything. The title rep was annoyed, but being such a large purchase we wanted to make sure everything was in line.

Re: How long does a Closing usually take??

Anonymous — Wed, 19 Aug 2009 13:10:40 GMT

Ours took about 30 minutes. Was told it would be around an hour. Good luck!

Re: How long does a Closing usually take??

Anonymous — Wed, 19 Aug 2009 14:46:56 GMT

Thanks for the answers...I was thinking more like 2-4 hours!! Glad I asked :-)

Whoa! I can set-up my closing at a Starbucks?? That's Sooo tempting.

Happy Hump Day!!

Re: How long does a Closing usually take??

BungalowMo — Wed, 19 Aug 2009 14:51:30 GMT

So......when is your closing????

Re: How long does a Closing usually take??

Anonymous — Wed, 19 Aug 2009 15:03:27 GMT

mine took about 2 hours. my lawyer read through everything and even got a bunch of fees taken off for us

Re: How long does a Closing usually take??

Anonymous — Wed, 19 Aug 2009 15:04:03 GMT

@BungalowMo wrote:
So......when is your closing????

LOL, it's officially set for August 31st!! :-)

Re: How long does a Closing usually take??

Lel — Wed, 19 Aug 2009 15:16:55 GMT

Mine took about 2.5 to 3 hours. Lots of documents to read and sign. If you are able to get copies of the agreements and disclosures prior to the actual close date, you can save time by reading ahead of time and identifying any questions that you might have.

Don't let anyone rush you through the closing. You are making a huge financial decision, and you should take all the time you need to understand what you're getting into.

Re: How long does a Closing usually take??

BungalowMo — Wed, 19 Aug 2009 15:58:09 GMT

@Lel wrote:
Mine took about 2.5 to 3 hours. Lots of documents to read and sign. If you are able to get copies of the agreements and disclosures prior to the actual close date, you can save time by reading ahead of time and identifying any questions that you might have.

Don't let anyone rush you through the closing. You are making a huge financial decision, and you should take all the time you need to understand what you're getting into.

I agree with that 100000000%!!! My LO was supposed to go with me....she had to take her dad to the ER that day! I told my agent...I need someone who knows what the *BLEEP* is going on....I am not going to walk into this totally unprotected. Another LO went with me.

Amazingly enough, the woman from the Title company was SO cool....she went over everything with me. She let me know upfront that this was the largest purchase I may ever make and she wanted to be sure that I knew exactly what every signature and document was for.

While it took about 2 hours.....I walked away happy. I am still very happy today. Not one ounce of remorse about the entire purchase.

Re: How long does a Closing usually take??

Anonymous — Wed, 19 Aug 2009 20:43:35 GMT

Getting copies of the paperwork before hand is a GREAT idea!! I'll see what my title agent can get for me. Thanks!!

Re: How long does a Closing usually take??

DallasLoanGuy — Wed, 19 Aug 2009 21:06:56 GMT

usually about an hour.

i had a couple of guys who read every page(even turned the paper over to make sure the back was blank) and it took 4 hours.

important stuff:

note(rate and term)

deed(make sure it says YOU)

survey(go over any encomberances with closer so you understand them)

tax form for interest payments to be reported to irs. i cant remember what it is called.

everything else is pretty generic disclosure stufff.

Re: How long does a Closing usually take??

Anonymous — Tue, 25 Aug 2009 15:36:24 GMT

I always wondered how long a closing takes because I did not go to mine and forgot to ask. My closing was delayed a week because there was a hurricane in the Gulf of Mexico (I was buying in Texas) and I couldn't purchase windstorm insurance until it did whatever it was going to do. So, when the the new closing date came up, I was working in Wyoming. I got all the paperwork by fax, read it, signed it, faxed it back. I gave my RE agent power of attorney and she took care of the loose ends at closing.

Tell me, did I miss a great experience

Re: How long does a Closing usually take??

Anonymous — Thu, 27 Aug 2009 15:03:28 GMT

After performing thousands of closings over the last 28 years; these are my tips:

Find your Good Faith Estimate your Loan Officer gave you with all the estimated Bank

and Title Company Fee's.

Have your Realtor contact the Bank and Title Company and request the Settlement

Statement (aka: HUD) and Loan Docs prior to your closing.

Take the Good Faith Estimate and compare it to the fee's on the Settlement Statement.
Make notes on your Settlement Statement of any differences you see.
When reviewing the documents: Most of the documents are standard language.

The documents that are important and must be read in their entirety before signing:

Settlement Statement, Promissory Note, Truth & Lending, Mortgage/Deed of Trust.

What to look for on the Promissory Note: Look for Interest Rate, First payment date, is it a Fixed or Adjustable Interest Rate, Maturity Date which will tell you the term of the loan (ex: 30 years would be 2039).

The Mortgage/Deed of Trust is the document the lender will use if you stop making payments and they need

to Foreclose. Look at the legal description to make sure it has been typed correctly. The lot, block and subdivision name.

Hope this helps.

Re: How long does a Closing usually take??

Anonymous — Thu, 27 Aug 2009 16:56:28 GMT

Thanks again everyone! This info is very, very helpful!! Waiting on the clear to close and then I can get my HUD 1 and other documents for review. Now I feel more comfortable that I actually know what to look for in the docs.

Thanks so much!!