Every homebuyer situation is different, from the mortgage rates they can afford to the type of home they’re looking for. Different buyers may also have different needs during their home loan and home purchase process, and one significant area here is the period of time it takes to successfully close on a purchase.
At VIP Mortgage, we’re here to help if you’re among the buyers who needs a faster close than usual. There are several possible reasons why you might need to close a bit quicker than a standard situation would require, plus a few basic areas you can look at to help accomplish this. Let’s look at everything you need to know here.
Firstly, a primer on how the standard homebuying time process works: There’s no set period of time a whole purchase should take, as this depends on the market and your needs, but most buyers spend a month or two actually looking for homes and sorting through their various options.
Once a suitable option has been found, it’s common to see the mortgage closing process take about 30 to 60 days, depending on the paperwork and details involved. So in general, from the time you begin your home search to the time you close on a mortgage and start the move, you can expect at least three or four months of time.
There are several things you can do, however, to speed up this process significantly:
There are several reasons why you might need to close on a mortgage a bit faster than usual:
For more on getting a faster mortgage closing process, or to learn about any of our mortgage or refinance services, speak to the pros at VIP Mortgage today.