You have found the home of your dreams ...
The documentation and underwriting requirements for your mortgage have been met. You've finally heard the sweet words "Clear to Close" from your Lender. The big day, Closing Day, has been set ...
Once all these things have taken place, I hear the following question from Borrowers fairly often:
"How long will my Closing take?"
Truth is, that can depend. Many factors contribute to the length of time a Borrower is at the Closing table on their Closing Day.
Some of the things that impact the time needed for Closing are:
- Is your transaction a Refinance or Purchase?
- Day of the Month in which your transaction is scheduled (Tip: Avoid the last day of the month)
- Closing taking place around a Holiday? (Holiday-time Closings can be more stressful & shortages in Closing personnel can come into play)
- Quality of Title Company, Closer, & technology used
- Size of Loan Package (No pun intended, but size does count!)
- Piggyback/2nd Loan also involved?
- Quality/Timeliness of Lender's Funding/Wire
- Attorney involvement? (Pace of Closing is typically controlled by Attorney(s)
- More ...
Well-executed, simpler, fluid Closings can take place in as little as a half-hour to 45 minutes. Those transactions that are more complex or face additional challenges can last much longer.
Is there anything that Buyers/Borrowers can do to prepare a path to a successful, speedy Closing?
Yes. They should take proactive first steps ...
They should conduct research ... gain referrals ... do homework ... while searching for their Mortgage Originator and real estate professional. Much depends on it.
Buyers/Borrowers often forget: They control which professionals and services are utilized in their portion of the transaction. And the choices they make do impact the amount of time spent at a Closing Table later.
My Tip: Spend a little time early in the process to find the best Chicagoland professionals and services available ... or spend a lot of time at the Closing Table later ...
* Looking to Buy or Refinance a home in the Chicagoland/IL & WI area? Contact me today! I'll put my 37 years of mortgage expertise and experience hard to work on your behalf.
I can be easily found at:
Mortgage Originator - NMLS #216987
IL Lic. #031.0006220 - WI License #216987
Gene Mundt, Mortgage Originator, 40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking: #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including: The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin.
Your Referrals & Testimonials are Always Greatly Appreciated!