Zillow Advice: Approval Process - What is a realistic timeline for funding a purchase loan? http://www.zillow.com/advice-thread/What-is-a-realistic-timeline-for-funding-a-purchase-loan/512343/ Zillow Advice | Zillow Real Estate Yes, of course, credit check! ... http://www.zillow.com/advice-thread/What-is-a-realistic-timeline-for-funding-a-purchase-loan/512343/ Yes, of course, credit check! Thought that was a given. Rather than putting forth a loan app checklist here, the importance of directing a buyer to a trusted LO cannot be understated. Don't LO's and R/E agents have the same goal in mind? Guiding our clients through the process is what creates the relationship, ensuring that they will seek you out in the future as a Trusted Advisor. The process should not be "love 'em and leave 'em" transaction. Now, I've gone down a tributary...&nbsp; Sun, 22 Sep 2013 23:38:00 GMT http://www.zillow.com/advice-thread/What-is-a-realistic-timeline-for-funding-a-purchase-loan/512343/ 2013-09-22T23:38:00Z So...Thirty (30) days is ... http://www.zillow.com/advice-thread/What-is-a-realistic-timeline-for-funding-a-purchase-loan/512343/ So...<br/><br/>Thirty (30) days is a reasonable timeline for financing contingency if the buyer's lender has had a chance to review...<br/><br/>-- W2s (or other proof of income)<br/>-- Two (2) months of bank statements<br/>-- Two (2) years of 1040s<br/><br/>Anything else? Credit check?<br/><br/>If the lender has not had a chance to review these docs, then does the window expand to 45 days? Or, is it just "optimistic wishing" on any timeframe until these docs are provided to the lender? Sun, 22 Sep 2013 21:59:00 GMT http://www.zillow.com/advice-thread/What-is-a-realistic-timeline-for-funding-a-purchase-loan/512343/ 2013-09-22T21:59:00Z Groundwork should be having ... http://www.zillow.com/advice-thread/What-is-a-realistic-timeline-for-funding-a-purchase-loan/512343/ Groundwork should be having nearly every document needed from the borrower in the LO's hands at or prior to signing the contract.Then, I think 30 days contract to close is realistic. There just has to be some wiggle room to handle any unforeseen issues. If they don't come up, great, then everyone is happy. I have seen some very strange things come up on even "golden" borrowers (thru no fault of the borrower or lender), that ate up loads of time in resolving. Everyone starts to panic. Sun, 22 Sep 2013 21:31:00 GMT http://www.zillow.com/advice-thread/What-is-a-realistic-timeline-for-funding-a-purchase-loan/512343/ 2013-09-22T21:31:00Z 30-45 days... if you do most ... http://www.zillow.com/advice-thread/What-is-a-realistic-timeline-for-funding-a-purchase-loan/512343/ 30-45 days... if you do most of the work up front prior to offering on a property, you are in a much better (and more solid) position Sun, 22 Sep 2013 18:30:00 GMT http://www.zillow.com/advice-thread/What-is-a-realistic-timeline-for-funding-a-purchase-loan/512343/ 2013-09-22T18:30:00Z Barb brings up an interesting ... http://www.zillow.com/advice-thread/What-is-a-realistic-timeline-for-funding-a-purchase-loan/512343/ Barb brings up an interesting point.<br/><br/>Is "30 days" a start-to-finish timeframe, or does that assume a certain amount of preliminary groundwork has already been done? If so, what groundwork? Sun, 22 Sep 2013 18:29:00 GMT http://www.zillow.com/advice-thread/What-is-a-realistic-timeline-for-funding-a-purchase-loan/512343/ 2013-09-22T18:29:00Z I generall advise A 21 day ... http://www.zillow.com/advice-thread/What-is-a-realistic-timeline-for-funding-a-purchase-loan/512343/ I generall advise A 21 day Mortgage contingency and 30 days for closing However most of our files are clear within 10 days Good luck with your search and if you have further questions please feel free to contact me through my profile. Sun, 22 Sep 2013 18:10:00 GMT http://www.zillow.com/advice-thread/What-is-a-realistic-timeline-for-funding-a-purchase-loan/512343/ 2013-09-22T18:10:00Z Go for it! Woot! http://www.zillow.com/advice-thread/What-is-a-realistic-timeline-for-funding-a-purchase-loan/512343/ Go for it! Woot! Sun, 22 Sep 2013 04:32:00 GMT http://www.zillow.com/advice-thread/What-is-a-realistic-timeline-for-funding-a-purchase-loan/512343/ 2013-09-22T04:32:00Z 30 days or bust http://www.zillow.com/advice-thread/What-is-a-realistic-timeline-for-funding-a-purchase-loan/512343/ <p>30 days or bust</p> Sun, 22 Sep 2013 04:14:00 GMT http://www.zillow.com/advice-thread/What-is-a-realistic-timeline-for-funding-a-purchase-loan/512343/ 2013-09-22T04:14:00Z From Illinois and the other ... http://www.zillow.com/advice-thread/What-is-a-realistic-timeline-for-funding-a-purchase-loan/512343/ From Illinois and the other states I am personally licensed in...Here's my two cents:<br/>A lender should never routinely ask the parties for an extension. In Illinois, we have cardiac arrests if the financing contingency is not met, let alone asking for an extension on the closing date. As a lender, I have experienced transactions in other areas, rural, urban, or vacation, where it seems customary to be flexible regarding contract deadline dates, to a certain extent.<br/><br/>That said, be realistic with contracts. Most LO's understand that R/E agents need to present the <u>very</u> best offer and time frames to the seller. But, I think I speak for many lenders here to respectfully encourage your buyers to get with a lender that they trust long before a contract is signed. This limits any surprise factors.<br/><br/>30 days to mortgage contingency is reasonable <strong><em>at this time</em></strong>, assuming that your client has been <u>actively</u> engaged with a lender. 45 days for a closing date is realistic given the prior info, but I always suggest a tad longer to be on the safe side. Extensions make everyone nervous.<br/><br/>So yes, I think that ALL parties in contracts right now are overly optimistic. Buyers may be anxious, but the devil in the details in terms of lending has not changed.... Sun, 22 Sep 2013 02:59:00 GMT http://www.zillow.com/advice-thread/What-is-a-realistic-timeline-for-funding-a-purchase-loan/512343/ 2013-09-22T02:59:00Z Yes, I would appreciate input ... http://www.zillow.com/advice-thread/What-is-a-realistic-timeline-for-funding-a-purchase-loan/512343/ Yes, I would appreciate input from all locales. It would, however,&nbsp;be helpful to preface your response with your locale.<br/><br/>I am especially interested in lender input. Sun, 22 Sep 2013 02:07:00 GMT http://www.zillow.com/advice-thread/What-is-a-realistic-timeline-for-funding-a-purchase-loan/512343/ 2013-09-22T02:07:00Z