Can You Really Close A Loan In 30 Days Or Less? | Fire Your Landlord®
There is much excitement associated with the loan process. It means that you’re close to living in your new home. The big question I always get is, “Can we close in 30 days or less? Yes, sometimes we can close in two weeks. Well, how do we do that? The difference between closing fast and closing slow usually relies on the borrower. Sometimes there are other people involved too but let me give you an example. If I tell you I need two months bank statements, and it’s Thursday afternoon, and you say, “You know I’m in a weekend kind of mood I’ll get it to you on Monday.” Guess what, you slowed the loan down 4 days. The quicker the borrower gets the documentation in, the faster we can close the loan.
There’s a couple of things to think about; please understand there are 25 or more people that work on every single transaction.
• Real estate agent, (that’s the buying agent) you have the listing agent
• Transaction coordinator from both sides
• Me (loan officer) and my assistant
• Appraisers-appraisal management company
• Escrow and title
If I have to ask any of these people for anything it can slow the loan down a couple of days. Sometimes, some of the people that we work with are not super quick, but it usually won’t slow it down that much. So, if you’re responsive, you want to close quickly, get me the documentation and together we’re going to fire you a landlord.