Good lenders try to make the mortgage process more of a sprint than a marathon. They also try to impart on prospective homebuyers how much power they have in moving that finish line.
You can generally go from contract to loan closing in 30 to 45 days, depending on the loan type, the property and a handful of other important considerations. Some purchases, especially distressed properties like a foreclosure, can stretch the timeline considerably further.
Consumers itching to speed up the mortgage process need both preparation and patience. To a degree, you’re at the mercy of appraisers, home inspectors and underwriters. But there are some things you can do to help best position your loan file for maximum haste. Here’s a look at five big ones.
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