Home Buying Basics: How To Get A “Quick Closing” On Your Home Purchase
How long does it take to close on a purchase? Lately, the number of days is shrinking. As mortgage rates climbed this summer, refinance mortgage demand waned, freeing up lenders to close on purchase home loans more quickly. Data from mortgage software firm Ellie Mae shows that lenders needed 42 days, on average, to close an August purchase. It's a noteworthy reading for today's home buyers. Rate locks of 45 days or fewer incur fewer costs than locks of even one day more. How To Get Your Purchase Approved More Quickly For buyers wanting to close quickly, some of the loan factors will be beyond your control. For example, you cannot control how fast an appraisal is performed because the appraisal requires the cooperation of the seller; or how fast a title search is performed by a title company. However, there are steps you can take to make sure your loan gets approved as fast as humanly possible. Step one is to be prepared. Know Your Paperwork Requi...