15 Day Mortgage Process From Application to Closing

The 15 Day Mortgage Process: How Fast Can You Close a Mortgage in 2024?

Buying a home is one of the most exciting milestones in life, but the mortgage process can often feel overwhelming—especially if you’re in a time crunch. At Gustan Cho Associates, we understand that speed matters. That’s why we’ve fine-tuned our 15 day mortgage process, designed to help borrowers close on their homes quickly and efficiently.

Whether you’re trying to secure a deal in a competitive market, have been denied by another lender, or need to close fast for personal reasons, we’ve got you covered. Let’s dive into how our 15 day mortgage process works, who qualifies, and what you can do to fast-track your path to homeownership.

What Is the 15 Day Mortgage Process?

The 15 day mortgage process is a fast-track mortgage program tailored for borrowers who need to close their loans in two weeks or less. This expedited timeline is possible thanks to Gustan Cho Associates’ experienced team, streamlined operations, and commitment to personalized service.

Here’s what makes this process unique:

• No Lender Overlays: We don’t add extra requirements to standard FHA, VA, USDA, or conventional loan guidelines, allowing us to process your loan faster.
• Expert Handling of Complex Cases: Whether another lender has denied you or you have unique circumstances, we specialize in getting deals done quickly.
• Technology-Driven Efficiency: We use cutting-edge tools to speed up the process from automated underwriting to electronic disclosures.

Who Qualifies for the 15-Day Mortgage Process?

Not every lender requires a closing within 15 days, but we’ve developed a system that accommodates various situations for those who do. You may qualify if you meet one or more of these conditions:

1. Loan Transfer After Denial:
   • If another lender has denied your mortgage, we can review your application, identify issues, and get your loan approved fast.
2. Completed FHA Home Appraisal:
   • If you already have a completed FHA appraisal, it can save valuable time during underwriting.
3. Fully Qualified with AUS Approval:
   • Borrowers who receive automated underwriting system (AUS) approval are often pre-qualified for a faster closing.
4. Prepared and Responsive:
   • Borrowers who have gathered the necessary documents and are ready to act quickly are ideal candidates for this program.

Step-by-Step Breakdown of the 15-Day Mortgage Process

Here’s how our 15 day mortgage process works, broken down into manageable steps:

Day 1: Loan Application and Disclosures

• Everyone on the loan application completes electronic disclosures. In some cases, certain documents may need ink signatures.
• Once signed, our processing team will immediately prepare your file for underwriting.

Days 2–3: Initial Underwriting

• Our underwriters review your application and supporting documents.
• An initial approval is issued, identifying any additional items needed to move forward.

Days 4–9: Document Submission and Verification

• During this critical window, we’ll ask you for additional documents, such as:
  • Updated bank statements
  • Letters of explanation for credit inquiries
  • Pay stubs or W-2s
• We handle third-party verifications, including:
  • Employment verification
  • IRS tax transcript verification
  • Public record checks (e.g., bankruptcies or judgments)
• The home appraisal is completed and submitted during this time. (Note: Delays in the appraisal process can extend your timeline, so we prioritize ordering it early.)

Day 10: Closing Disclosure Issued

• Once all third-party invoices and documents are in, we send the Closing Disclosure (CD) for your review.
• This triggers a mandatory three-day waiting period before closing, as federal law requires.

Days 13–14: Final Underwriting Approval

• The underwriter issues final approval, ensuring that all conditions have been satisfied.
• Our closing department balances the final figures and schedules your closing appointment.

Day 15: Closing Day

• Funds are wired to the title company, and you sign your final documents.
• In most states, you’ll receive your keys the same day, making your dream of homeownership a reality!

Why Speed Matters in Today’s Market

In 2024, the housing market remains highly competitive. A 15-day mortgage process can give you a significant edge when:

• Submitting Offers: Sellers love quick closings, and a 15-day timeline can make your offer stand out—even against cash buyers.
• Avoiding Rate Fluctuations: With mortgage rates fluctuating, a fast closing helps lock in your rate before it changes.
• Securing Your Dream Home: In competitive markets, acting fast often means the difference between winning or losing a home.

Tips for Borrowers: How to Speed Up Your Closing

Want to close in 15 days? Here’s how you can help:

1. Get Pre-Approved:
   • Start with a pre-approval from Gustan Cho Associates. It only takes about five minutes and gives you a clear understanding of your budget.
2. Organize Your Documents:
   • Be prepared with the following:
     • Recent pay stubs
     • W-2s or tax returns
     • Bank statements
     • Government-issued ID
   • Respond quickly to any requests from your loan officer.
3. Be Transparent:
   • Disclose all financial obligations upfront. Surprises during underwriting can cause delays.
4. Stay Accessible:
   • Check your email and phone regularly to avoid bottlenecks in communication.

How Gustan Cho Associates Makes It Happen

At Gustan Cho Associates, we’ve built our reputation on efficiency, expertise, and exceptional service. Here’s why borrowers trust us for fast closings:

• No Lender Overlays: We stick to agency guidelines, avoiding unnecessary delays.
• Experienced Team: Our loan officers and processors are experts in handling time-sensitive files.
• Technology-Driven Process: From electronic disclosures to automated underwriting, we use tools that save time without sacrificing accuracy.

Ready to Close in 15 Days? Let’s Get Started!

At Gustan Cho Associates, we believe that buying a home should be exciting—not stressful. Our 15-day mortgage process is perfect for borrowers who need speed, efficiency, and expertise. Whether you’re transferring your loan after a denial or want to secure your dream home quickly, we’re here to help.

Take the First Step Today

• Call or Text: Contact Alex Carlucci at 800-900-8569 for immediate assistance.
• Email: Send your questions to alex@gustancho.com.
• Apply Online: Start your application now—it only takes five minutes!

Conclusion

When time is of the essence, Gustan Cho Associates is the lender you can count on. Our proven 15 day mortgage process is designed to get you from application to closing with minimal stress and maximum efficiency. Whether facing a last-minute denial, competing in a hot market, or simply wanting to move fast, we have the tools, team, and expertise to make it happen. Don’t wait—contact us today and take the first step toward homeownership!

Frequently Asked Questions About 15 Day Mortgage Process:

Q: What is the 15 Day Mortgage Process?

A: The 15 day mortgage process is a fast-track program designed to help you close your home loan in two weeks or less. It’s perfect for borrowers who need quick approvals, especially those transferring from other lenders or in competitive housing markets.

Can Anyone Qualify for the 15 Day Mortgage Process?

A: To qualify, you need to meet one or more of these conditions:

• Transferring your loan after being denied by another lender.
• Already have a completed FHA home appraisal.
• Fully prequalified with an automated underwriting system (AUS) approval.
• Be prepared with all required documents and respond quickly during the process.

Q: How Does the 15 Day Mortgage Process Work?

A: Here’s a quick breakdown:

• Day 1: Complete your application and disclosures.
• Days 2-3: Underwriting reviews your file for initial approval.
• Days 4-9: Submit requested documents and complete third-party verifications.
• Day 10: Receive your Closing Disclosure.
• Days 13-14: Get final underwriting approval.
• Day 15: Close on your loan and get your keys!

Q: What Makes the 15 Day Mortgage Process Faster?

A: At Gustan Cho Associates, we use:

• No lender overlays, so there are no extra requirements that slow things down.
• Technology, like automated underwriting and electronic disclosures.
• An exceptionally skilled team that understands how to manage time-sensitive documents effectively.

Q: What Happens if My Appraisal is Delayed?

A: Appraisal delays can affect your timeline, but we prioritize ordering it early to reduce the risk. If an issue arises, our team quickly resolves it and keeps your closing on track.

Q: Can I Use the 15 Day Mortgage Process if My Loan was Denied Elsewhere?

A: Absolutely! We specialize in helping borrowers who other lenders deny. We’ll review your application, address any issues, and guide you through the process to get your loan approved fast.

Q: What Documents do I Need to Provide to Close in 15 Days?

A: To keep the process moving, gather these documents in advance:

• Recent pay stubs
• Bank statements
• W-2s or tax returns
• Government-issued ID
• Any other documents requested during underwriting

Q: Is the 15 Day Mortgage Process Available in All States?

A: Gustan Cho Associates holds licenses in several states. Contact us to verify whether the 15 day mortgage process is offered in your state and explore your choices.

Q: Does the 15 Day Mortgage Process Work for All Loan Types?

A: Yes! We offer this fast-track option for a variety of loans, including:

• FHA loans
• VA loans
• USDA loans
• Conventional loans: We provide alternative financing options like non-QM and bank statement loans.

Q: How Can I Start the 15 Day Mortgage Process?

A: It’s easy! Here’s how:

• Prequalify online: It only takes about five minutes.
• Call or text: Contact Alex Carlucci at (800) 900-8569 for immediate assistance.
• Email: Contact us at gcho@gustancho.com. Our team is prepared to assist you at every stage, 24 hours a day, 7 days a week!

This blog about “15 Day Mortgage Process From Application To Closing” was updated on December 4th, 2024.