When you are looking for a home and
finally find that one special house that you are ready to make an offer, the
emotional connection and bond begins. After all, owning a home is the American
Dream because it means so much to have your own place where you can spend your
time and watch your kids grow up or where you can retire.
Whatever the case, you begin to
fantasize about what will go where and whether or not it needs a pool. This
isn't a bad thing; it's not something to be ashamed of as just about everyone
does it in their own way.
Then it happens, you find out that
your offer has been accepted by the seller and suddenly everything that needs
to be done just hits like a freight train. Wouldn't it be nice if you could
just move in?
The next part of the process often
is the most challenging – getting through the mortgage process. There are many things to factor in and all of
these things can make the transition quick or unfortunately gruelingly slow.
Most mortgage processes take thirty days but sometimes it can be even longer.
Speeding
the Mortgage Process
To speed the process along, you do
have a part to play by being prepared. Get your mortgage loan interest rate
locked in for 60 days. This gives you plenty of time and keeps the interest
rate where you want it to be even if everything gets done in 20 days. It’s
better to be safe than sorry.
With so many steps to the mortgage
process, it’s easy to see why it could end up taking a long time if you opt for
the wrong mortgage company partner. For example, during the underwriting
process for the loan, there are many things that could make it go quick or drag
it out.
Depending on the type of processes
they use in terms of automated underwriting or manual processing, you may be
glad you opted for that 60-day loan lock.
Another thing to keep in mind is
whether or not you have a home already that needs to be sold. Maybe you are
keeping that home and this one is simply a second home or a vacation home. If
there are two transactions involved, it could be delayed when one of the two
takes longer or there are issues with underwriting on one of them.
This could add time because the bank
is required to take a minimum of three days after everything is said and done
to give you the funds from the refinance or sale of the other property.
Indigo
Can Help!
As a professional mortgage company,
we are here to help because no one cares more about your loan than we do.
Whether it is helping you lock in the best interest rate or walking you through
the mortgage process to ease your mind, we are available to alleviate concerns
so you can focus on that mental decorating!
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