Posted by Redline on January 26, 1999 at 19:12:10:
I didn’t know these closing times were even possible with conventional lenders. I’m going to find a good broker … NOW!
Thanks John and Rob,
RL
45 days to closing? Is that standard??? - Posted by JA (AL)
Posted by JA (AL) on January 25, 1999 at 18:11:30:
Every lender (but one)I have spoken to this week tells me 45 days from app. to closing. Is this a necessary evil? I have been preapproved for any size loan but each one is going to take 45 days to close. Is there any way around this?
A good lender can close quicker - Posted by John Behle
Posted by John Behle on January 26, 1999 at 15:01:21:
Most lenders are slow. If you look around, you can find lenders that can close much quicker. I have lenders tha can close conventional loans in just a few days. A lot depends on their funding lines and in particular if they have the ability to table fund or make decisions for their funding source. Your average lender is just a broker and can make few decisions.
I have one lender that can close within a couple hours and I’m talking convention funding. Most private lenders can close very quickly. I won’t work with conventional or private lenders that can not move quickly.
Re: 45 days to closing? Is that standard??? - Posted by Ken Burnett
Posted by Ken Burnett on January 25, 1999 at 21:04:03:
Owner Financing
Re: A good lender can close quicker - Posted by Rony Zephir
Posted by Rony Zephir on May 31, 1999 at 16:13:09:
Do you know any good lender that you could refer me to it we be such an help!
Sincerely,
Re: A good lender can close quicker - Posted by Redline
Posted by Redline on January 26, 1999 at 15:43:22:
John - I’m finding banks here can’t close in UNDER two months! I would love to find a conventional lender that can close that quick … anybody in particular that could lend in NY/NJ?
Thanks,
RL
Re: A good lender can close quicker - Posted by Rob FL
Posted by Rob FL on January 26, 1999 at 18:27:44:
Find a good mortgage company. The last property I sold, I contracted to sell on a Monday and we closed the deal the next Monday. That on an FHA loan.
A good lender is motivated - Posted by John Behle
Posted by John Behle on January 26, 1999 at 16:25:15:
Banks are usually the wrong source. Basics of loan officers is in some institutions like banks, the loan officer is paid a salary and has the focus of not making bad loans. They get paid if your deal falls apart or not.
In mortgage companies, the loan officer is paid a commission when (and if) the loan closes. Some care about how much they make and how quick they make it - some seem not to.
The right mortgage loan officer and company can close quickly if they are set up to to it. Finding a good one can be one of the most frustrating efforts ever. I am always looking. Frankly the only loan officer I think is worth their salt is me - but I’m usually too busy to handle them myself. A lot depends on the loan processor and whether the loan officer and processor are properly trained.
Drop an email or message to Ed Garcia. He’s probably one of the most experienced lenders in the country. He may be able to help you in your area or know of someone he would recommend.