Most lenders are currently requiring between 3 and 6 weeks to close loans (and in some cases as long as 2-3 months to close refinance loans); due to our extensive network of wholesale lenders through whom we broker loans, on the other hand, Ethical Homes can help borrowers with severe time constraints to close loans in just a few days.
Whenever possible, we prefer to get our buyer clients pre-approved and work with their agents to make sure that their purchase contracts allow for enough time for a traditional underwriting period. For buyers in a pinch, though, we do have wholesale lenders who can close loans in as little as 9 days (which is currently the fastest that is legally allowed). Note that those lenders do charge higher rates–generally about 0.250% higher than the best rates available–and there are also often higher fees involved (e.g. most appraisers and title companies will charge extra for an expedited appraisal or title search). Such a short turnaround also assumes that there are no issues in underwriting, and that the borrower can provide all of the required documentation (which can sometimes be significant) immediately.
If you need to close a loan very quickly, contact us and we’d be happy to go over your options for an expedited purchase loan. (And if you don’t yet have a pressing need to close your loan immediately, why not be prudent and get preapproved for your mortgage so that you don’t have to rush things later?)
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