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How long will this take?
Most loans take between 5-25 days to
close. This time can vary greatly depending upon how much cooperation
we receive from you, the appraiser, and closing company. We can close
more quickly, but need your cooperation to do so. If you need to close
soon please let us know at time of application.
What can I do to speed things
up?
The single best thing you can do is
to return all the items required from your approval. If you choose
your appraiser - make sure the appraiser can return the appraisal to
Homeowners timely, if Homeowners orders the appraisal we will make
sure it is done in a timely manner. You also need
to make sure the closing has been scheduled and the closing
agent can perform all their closing functions prior to the closing.
What could prevent a fast closing?
The usual sources of delay are if
Homeowners Mortgage does not receive the necessary documents from
either an appraiser or title company/closing firm. You as the borrower
are paying for these services and you can and should make sure you
receive service from these vendors.
How does my rate lock fit
into all of this?
Your loan needs to close and, if you
are refinancing, funds must transfer prior to your lock-in
expiration. If your loan does not close and funds are not transferred
prior to the expiration, your loan will revert back to the original
pricing you requested or the current market, whichever is higher.
Please do not hesitate to send us an e-mail (info@ruthtechnology.com) if you have questions, comments or if
you come across something that would contribute to this section.
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