A quick shutdown can be a shutdown scheduled for 30 days or less or one that must be completed before the end of the month, for example. According to the most recent data from ICE Mortgage Technologies, it takes an average of 49 days to close a home loan. However, some borrowers can close much quicker, in as little as 30 days or even less. Once the seller accepts the buyer's offer, the closing process begins and ends on the closing day, when the property changes ownership.
This process usually takes 30 to 60 days to complete if the buyer is applying for a mortgage on the property. If the buyer pays in cash (you don't need a loan), the closing process can be summarized in a week or two. LoanDepot offers what could be the fastest quick-closing mortgage in the career. Its new product, mello smartloan, a comprehensive digital mortgage, offers qualified borrowers a mortgage loan in just eight days, a feat that seems almost impossible for longtime players in the real estate industry.
The seller may have asked — or you offered — to be given a few days to move out of the house after the closing is complete, or you may have negotiated the return of the house for a specified period of time.
Leave a Comment