15-Day Mortgage Process From Application to Closing
How fast can you close a mortgage?
Americans love instant gratification. Gustan Cho Associates has a fast-track 15-day mortgage process that can really help consumers today.
Our 15-day mortgage is primarily for borrowers who are transferring their loans from other lenders. This program is for those who meet any of these requirements:
- Applying for a mortgage after a loan denial with a different lender
- Have a completed FHA home appraisal
- Are fully qualified with an automated underwriting system (AUS)
- Have all of their documents and are committed to closing quickly
It is possible to get approved and close in 15 days or less – even if you’ve been denied by another lender.
Was Your Mortgage Denied?
Over 75% of the borrowers that come to Gustan Cho Associates are folks who have either gotten a last-minute mortgage denial or are stressing over their loan process with their current lender.
The Gustan Cho Associates mortgage company holds licenses in multiple states and has no lender overlays on government and conforming loans. We implemented the 15-day mortgage process for those who are in a rush to close their home loans.
Fast-Closing Time Frames
Many clients are anxious to close on their new home as fast as possible. What is the fastest realistic closing time frame? It’s sort of an ambiguous question.
If you are starting a loan application from scratch or coming to us after a last-second denial, the time frames will be different. This article details the fastest route to close a loan from start to finish.
The importance of a completed home appraisal
If you received a last-second denial, chances are you already have an appraisal completed which can speed up the process. We are able to close many loans in as little as two weeks and save the day for many homeowners who receive a last-second denial.
Pre-Approval Process for a 15-Day Mortgage
Gustan Cho Associates originates and funds home loans for borrowers with FICO credit scores between 500 and 800. In short, we have seen every kind of credit situation a borrower can have.
Starting the pre-approval process is easy. Borrowers send the loan officer documentation and complete an online application.
Borrowers get qualified and approved once the credit report, credit, assets, and income are verified. Pre-approved homebuyers aggressively shop for a new home to purchase.
Let’s go over the details of the loan process from start to finish.
How do you start the process?
Once you find a home, the true loan process begins. We have the ability to get your loan through the process from start to finish in as little as 15 days.
That’s right. It takes just 15 days. Of course, it requires prompt responses on your end. Ultimately, you are in control of how fast your loan closes.
Steps day by day
Here is the 15-day timeline:
- Everybody on the loan application must complete their electronic loan disclosures. (Some states have a few documents that require an ink signature.)
- Once the application has been signed, our processing staff gets the file in line for underwriting.
Days 2 – 3
- Underwriting reviews the file and issues an initial approval!
Days 4 – 9
(These are the most important days in the entire process.)
- Our processing team sends you an email with a list of documents the underwriter requires from you. These are typically minor items such as a letter of explanation or updated bank statements. It is your responsibility to get these items back to us as fast as possible. The expectation is that all items are back within 48 hours or less. (If it’s any later than that, you may not hit the 15-day closing.)
- During this time, our processing staff is busy completing all third-party verification such as employment verification, IRS verification, and a public record search for any bankruptcies or judgments.
- The appraisal is completed and returned during this time. (Hopefully, there are no issues shown in the home appraisal that require correction to the home.)
- Once our team has received all third-party invoices, we send out your closing disclosure.
- This starts a three-day clock before your closing may take place.
- You will be required to electronically sign the closing disclosure to start the 3-day clock.
Day 13 – 14
- The underwriter issues the final approval and sends the loan to a closer.
- The closer schedules the closing after balancing all figures.
- The closer schedules the closing in the afternoon to make sure every document is complete and the numbers are double-checked.
- The lender wires funds. (This way you won’t have to sit at the title company all day waiting for your keys.)
- In most states, you will get the keys at the closing; however, you may not get the keys until the following business day.
Use a Lender Licensed in Multiple States
As you can see, we have our mortgage process down to a science. Now, most of the time you will not need to close within 15 days. But we do have the ability to get that done. When submitting an offer on a potential property, putting a 15-day closing could set your offer apart from your competition. 15 days is basically a cash buyer.
We are experts in the mortgage process and are here to answer any mortgage-related questions you have 7 days a week. Please contact Mike Gracz on 630-659-7644 or text for a faster response. Or email us at [email protected] Either I or one of my experienced loan officers will help you navigate the home-buying process.
GCA Mortgage Group has a national reputation of no lender overlays on government and conventional loans. We are also alternative financing experts on non-QM and bank-statement loans for self-employed borrowers.