Seeking to Close in Under 30 Days

The first thing you should know about going faster in seeking to close a home loan is that statistically, the part that slows people the most is providing requested documents or uploading them if working digitally. That said, knowing what you need before you complete your loan application can help you get your loan closed on time or ahead of schedule. Your mortgage advisor should always make you aware of the closing date schedule.

Whether a loan is funded sooner rather than later can depend on a number of items including:

• Whether an in-person appraisal is required – some Freddie Mac and Fannie Mae processes allow appraisal waivers;
• Whether “wet signatures” are required;
• How many e-disclosures can be made?
• Speaking with your advisor about what other documents might be requested and having them ready.

Peak Mortgage utilizes proprietary software to digitally interact with customers seeking to do so. Other lenders are utilizing shared platforms to get closer to the “under 30 day close.” The process previously required mailing documents for a loan officer to manually review. If a document was missing, then the additional items required would go through the mail as well. New technology allows a digital process designed so that information can simply be linked for access to qualify the loan.

Many lenders have adopted a digital system in the last 18 months; however, Peak helped to set the new standards to close quicker by creating its own app early. Local advisors like me have made a difference in being successful in closing before schedule in utilizing these new technologies.

You have many options in buying a home in today’s market. It’s a privilege to live and serve in the Greater Clark County area as your neighbor and mortgage advisor.

Please call or email me with your questions at MPattullo@PeakMtg.com

We lend where we live,

Mike