What’s the Secret to a Smooth and Quick Loan Process?
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Many buyers have been asking how long it takes to close on a home loan. Before we can answer that question, we need to dive into how the loan process works.
What type of loan is the buyer getting?
Are you getting a VA, a USDA, an FHA, or a conventional loan? There are a lot of different programs out there, and the length of time it takes to close on a loan varies depending on which you pursue.
Who is the lender, and are they local?
You want to have a local lender so that you can physically meet with your loan officer, deliver paperwork, and get immediate responses to questions you might have. There are many documents you’ll need to share with your loan officer. Doing it in person is the most secure and the easiest way to do that.
What is the lender’s track record?
Most lenders will be rated, so make sure you don’t hire someone with a weak track record. We recommend hiring someone who was referred to you, or sitting down with your real estate advisor and having them recommend a few. That way, you can interview a few loan officers and select the one you’re most comfortable with.
What is the turnaround time for the loan?
A good lender will be able to give you an estimated time, from the time they get all the paperwork, get the file complete, and turn it over to underwriting, to the time it will take to close. Most lenders have a timeframe for each loan, so they generally know how long it is going to take.
What is the turnaround time for the appraisal?
All lenders have to use an outside vendor to do appraisals, and you want to have an estimated time to know how long that appraisal is going to take.
What can you do to help the process go smoothly?
Whenever a lender reaches out to you for additional documentation, it’s important that you respond quickly. When they ask for more information during the process, it’s probably because the underwriter has requested it. The sooner you get information to your lender, the faster and smoother the process will go.
If you have any questions about this topic, or if you have real estate questions of any kind, don’t hesitate to reach out to us. We’re here to be your Northern Texas real estate resource, so we would love to hear from you!
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