I have been asked over the last few months to explain the timeline for purchasing a home.  Let me start by saying each bank is different.  What one bank or mortgage company does, many times will not be the same for others.  I have found in my years of experience, each company has their own niche.  As a mortgage broker, able to shop mortgages with several lenders, this allows me to select a company based on their strengths in loan programs and turn times.  For example-  If I have a buyer in need of an FHA mortgage, I know what lender I would go to.  But, for this blog, I wanted to give basic turn times.  Once you have selected a home, you will make the loan application.  The application process normally takes about 1 hour.  Once this is done the loan officer will collect all your documents to submit to the lender.  This the the process where experience allows your loan officer to select the right company for your particular loan product.  The loan is then placed in setup.  With the new governing laws that have gone into play over the last few years, required documents are time-sensitive to start your process.  After you complete the setup, your loan moves to underwriting where it is then “underwritten” .  This is the process of where your information is reviewed by a licensed underwriter, compared to the required guidelines set forth by the product, and either approved/suspended/denied.  This process normally takes anywhere from a few days, up to a week.  Once your loan has been underwritten, you and your loan officer will start to work on your loan conditions.  This is the part of the process where the appraisal, title, & insurance is collected.  Normal turn times for conditions are about 1 week.  Your loan will then be placed in a qualify control or QC for your final loan approval and what we call “clear to close”.  The closing department will then start your closing package that will be sent to the title company to complete your closing.  The closing department can take between 1-3 days.  Once your closing package is received you will then schedule a time with the title company to close on your loan and become a homeowner.  To summarize the process-  it should  only take 30-40 days from start to finish to close on a home loan.

If you have any questions, feel free to contact me- Kara Holleran, Genesis Lending Group 239-246-6000.