By CMF Staff Writer
With the Summer homebuyer season heating up, many people find themselves looking to make a move while seasonal advantages apply. With the kids off of school and more free time available, the next few months are an attractive time to buy a home. Many prospective buyers may find themselves in a race against the clock to finish the entire process before the Fall season hustles in a busier schedule with school starting and holiday prep beginning.
So, how fast can the home loan process take from application to closing? Could you be in your new home before Fall starts?
The answer is, yes! And while there are a lot of variables that come into play when determining how quickly you might expect to close your home loan, in an ideal scenario, you could expect to close in as little as 3 weeks or less!
As always, you should contact us to speak with one of our experienced Loan Officers, who will be able to assess your unique home financing goals and help to provide a more realistic timeframe and understanding of what you should expect from the process.
The next logical question is, how do I set myself up for success and prepare myself as best I can to allow for a shorter closing time? It's a great question, and here are some tips:
Consider your down payment and closing costs early on. Let your Loan Officer know what funds you plan to use, or if you plan to take advantage of our Down Payment and Closing Cost Assistance programs.
Know what documents you'll need and have the most recent versions ready to go. Your Loan Officer will help you to know what we need from you to move forward. The longer it takes for you to gather these documents, the longer the process will take.
Get pre-approved. Buyers who are already pre-approved when they make an offer on a house have the best chance at closing quicker.
Be honest with your Loan Officer from the beginning regarding credit, income, assets, and your overall situation. This helps us to avoid any hiccups later on and to accurately assess your needs.
Remember a credit check is performed not only at the beginning of the process, but also at the end to determine if your credit situation has changed. Don't make any major or large purchases during the process that could affect your credit, resulting in delays.
Are you ready to speak with one of our Loan Officers to see how we might best serve you? Click here to get started!