Profile picture for user89602328

How long does it take to close the loan?

I'm in the middle of a long short sale and my lender has started the process of the loan application. He has actually handed the loan over to the loan processor, all of my paperwork has been submitted and I'm wondering how long does it normally take from the point of being with the loan processor to the end?
  • April 13 2014 - Nashville
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (3)

If you are going with one of the Huge lenders ( Wells fargo, Bank of america etc.) then expect 60 plus days and that is not exaggerating I use to work for one of the big lenders. If you are going with a direct lender to Fannie, Freddie and FHA  like I am then 21 to 30 days max.

Obviously this is as long as no further documentation is involved and/or nothing comes up during the process.


Good luck and best wishes!
-Scott
  • May 07 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

It varies on the lender, but I've worked with one that can do them in under 2 weeks.  Incredible company….Movement Mortgage.
  • May 07 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

First of all, I would like to let you know that the information I am providing here is based upon being in the state of Florida. Has the short sale been approved? If so, then processing time will be greatly impacted by the type of loan you are getting. You should expect it to take anywhere from 30-45 days at a minimum from your date of application. Some banks can process more quickly and complete the loan in three weeks, while other will take longer - I have one that is going on 60 days right now. Please keep in mind that if the short sale has not been approved, you are looking at a completely different scenario.
  • April 13 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.