How much time to apply for a loan after escrow closes?
We are buying our first home and will have an accepted (counter)offer and escrow opened by the end of this week. How long do I have after escrow opens to apply for a loan? My problem is that I have to travel on business the whole of next week. The seller has agreed to a 40 day escrow, so we have time, but I'm not sure if I can wait a week without starting the loan process. We're still shopping for rates. Credit scores are excellent and downpayment is 25%. Any advice appreciated. Thanks! by JamesLinden3 from Dana Point, California. Oct 8th 2009
Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions
The amount of time you have for escrow is negotiable. That is something you and the seller can agree on. Most escrows are about 30 days which should be enough time, provided you have selected a lender and are ready to apply for the loan. I can usually get a deal like yours done in 2 weeks from the time I get the appraisal back. It should take about a weeek for the appraisal so your total time should be 3 weeks and your 40 day escrow should be enough. However, please keep in mind that adhering to this tiime line depends on how fast you get your documents signed and returned to us, along with the income and asset documentation we will require. If you are slow to get us your documents, you will delay the process. If you want to discuss this further, call be. 732-759-8189 x-102. My name is Joe Shamie.
Jackie A Graves (changemyrate)
#168 ranked lender in California - 8 contributions
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Trish Do (trishdo)
#196 ranked lender in California - 2 contributions
Hi, Even the seller had agreed with 40 days escrow but you should start the loan process as soon as possible for loan approval first and wait to lock the rate that you target. Our company closing turn around 30 days - I am looking forward to help you with your loan. And our company had a very good rate - Trish Do - trishdo@gmail.com
- - (Voted.Best.Rates.and.Service)
#11 ranked lender in New York - 377 contributions
Getting pre-approved should not be a problem for you. In fact, I have system that helps you find the best rate within minutes. Also, feel free to call if you need your questions answered.www.LendersGreen.com
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