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What's the average time to fund a mortgage?


gelo7
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We recieved our GFE on October 27, 2006. Appraisal done on November 3, 2006. All of our DOC's done, hazard insurance done. My broker said "once I get everything I need from you, we can get this thing closed in a week". Well it's now December 5, 2006 and no closing date. Our broker nor his assistant are very good at returning phone or email messages. However, we did get an email last week saying approvel was almost done and would close quickly. I just want to know from those in the know how long these things normally take? I found this broker on another credit board that everyone seems to think walks on water, and I wonder if he has to much work to walk this process out with us.

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Typical time is three weeks from application to close, but every deal is different. You should ask if there are approval conditions OR closing conditions. If there are approval conditions (also called Prior-To-Close conditions), then what are they? For example, there could be a problem with the title search of some sort - perhaps an unexpected lien is on title? Or U/W needs an updated pay stub or bank statement or letter of explanation form you or any number of reasons.

If the conditions are solely 'closing conditions' then you should have a scheduled closing date already.

Your LO should tell you exactly what he/she is waiting on.

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