Close Home Loan Less Than 30 Days

Close in Less Than 30 Days

With the number of home loan applications increasing due to record low Arizona mortgage interest rates and increasing Phoenix home values, some mortgage companies are having a tough time  processing and closing their loans quickly.  They simply do not have the manpower to efficiently process the loans that are coming “in the door.”

There are a few important steps an AZ homebuyer can take to make sure their loan closes on time without delays:

1. Get Pre-Approved Before Shopping for a Home

This step is absolutely crucial.  If a buyer takes the time to work with an Arizona mortgage lender to obtain full loan approval prior to beginning their house hunt they will give themselves a considerable advantage relative to closing quickly.   The pre-approved buyer also eliminates future/possible mortgage related suprises by having an experienced loan officer evaluting their application up front.  Click here for more on the Mortgage Pre-Approval process (take the time to complete this step).

2. Ask Your Lender if They Process, Underwrite and Fund Loans “In-House”

Making sure a Phoenix area mortgage lender has their hands on the loan application from beginning to end can speed up the process considerably.  If a lender has to outsource any of the primary steps involved in the home loan process (processing, underwriting, closing and funding) there may be delays as a result.  For example,  let’s look at the underwriting component.  An in house underwriter can be contacted by a buyer’s loan officer when a challenge arises.  As a result, the challenge can be addressed head on and dealt with quickly avoiding costly delays.  Picking up a phone or walking down the hall to speak with an underwriting should not be taken for granted.  On the other hand,  if an underwriter is not “in-house” just getting a simple reply can take a very long time due to layers of red tape and “chain of command” type communication protocols.

3. Find a Mortgage Team That has a Staff – Not Just One Loan Officer

There are many different steps involved in getting a loan closed especially in today’s mortgage environment.  Teams that have people with very specified and designed roles have more depth and can typically manage the overall mortgage process much more efficiently.  Think of closing a loan like a football team trying to score a touchdown.   Compare a team that has a coach to direct and call plays, a quarterback to hand the ball off to the running back, a series of blockers to clear a path for the running back to go through and of course the running back who carries the ball across the goal line with a team who has a just a running back.  The team with the specialized team members will have a much easier time getting the ball into the end zone (unless they are the Cardinals … did I just say that?).

4. Work With the Lender to Provide Documents That Are Requested

You may find that an Arizona mortgage company will ask your for information/documentation that seems insignificant or intrusive.  However, if it is being asked for there is reason.  The reason (in the “normal” world) may not be a good or logical one.  The bottom line is that if the lender is asking for something like the last page of a bank statement (you know – the one that is typically blank with no important information on it) it is because the underwriter will not finalize loan approval without it.  Without launching into what is easily another blog post (or if there is such a thing – a blog novel), just know that there are powers way above and beyond your mortgage lender that are pulling the puppet strings and creating these requirements.   Your lender is there to make sure your loan file has everything in it that needs to be in order for your loan to close.  A good lender will ask you for a great deal of paperwork on the front end to avoid last minute requests however the underwriter reigns supreme in the land of loans and can alwasy ask for additinal paperwork prior to final loan approval.  Again a good loan officer thinks like an underwriter and typically hedges off surprise underwriter request by asking for documents up front.

There you have it!  A road map for closing a loan in less than 30 days.  It ABSOULUTELY can be done.  By no means should an AZ Mortgage Company take more than 30 days to close a loan (purchase or refinance).

If you need help closing a loan in 30 days or less please call The HOUSE Team today!

By Jeremy House


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