This guide covers clear to close in 2 weeks or less mortgage process at Gustan Cho Associates. I run into situations where a home buyer contacts me to tell me they have just been denied a mortgage loan. Borrowers get a last-minute mortgage denial from a lender at the last minute and need to know how fast I can get them approved and closed.

Angie Torres, the national operations director at Gustan Cho Associates explains the mortgage process leading to the clear to close:

Once we get clear to close, we should be able to schedule the closing for the following day. If we get clear to close early in the morning, the mortgage loan can close and fund the same day. The above is a real case scenario, and situations like these happen.

However, delays can happen if the underwriter comes back with additional conditions that need to be satisfied, the appraisal comes back with issues, or there is a cloud on the title.

I often get about a dozen requests like these every year. In my most recent rush request, I had the mortgage loan closed within 14 days of receiving the signed, completed mortgage application and the requested documents back. In this article, we will discuss how to get clear to close on a mortgage and close in less than three weeks.

How The Mortgage Works

Every lender handles their mortgage approval process differently, and their timeline differs. Some lenders will take longer to process and underwrite a file than others. The team at Gustan Cho Associates is used to the clear to close in 2 weeks or less mortgage process.

For example, lender A may take 3 to 5 business days to process a loan submitted to the underwriter. It may take an additional 5 to 7 days for the underwriter to review it and issue an approval.

Just these two processes alone are 2 weeks into the mortgage process. The appraisal needs to be ordered after conditional approval from the underwriter. The appraisal process can take another 7 days. After getting conditional approval, it may take a day or two, if not more, to gather all the conditions and provide them to the mortgage processor.

The mortgage processor then submits it back to the underwriting. It may take 5 to 7 days for them to review the conditions. A clear to close can be issued if all conditions are met. But the chances are there may be another round of conditions. If the mortgage underwriter requests another round of conditions, then it will take another 5 to 7 days for the underwriter to re-review the new sets of conditions that have been requested.

The mortgage approval process can take a while. Mortgage loan closings can get delayed if the mortgage process does not go smoothly. Speak With Our Loan Officer for Mortgage Loans

Can a Mortgage be Approved in 2 Weeks?

Securing mortgage approval within two weeks is feasible under certain conditions but is not a universal standard. The speed at which a mortgage can be approved depends on various factors, including the lender’s internal processes, the complexity of the borrower’s financial situation, and external considerations such as appraisal scheduling and market conditions.

For borrowers with straightforward financial profiles, including good credit and stable income, and who provide all required documentation promptly, expedited approval timelines are more likely. However, applications with complexities like self-employment income or unique financial assets may require more time for thorough review.

Factors beyond the borrower’s control, such as appraisal and inspection schedule, can also influence the timeline. While a two-week approval is not guaranteed, open communication with the lender and proactive cooperation from the borrower can help expedite the process.

Ultimately, achieving a quick mortgage approval hinges on various factors aligning efficiently throughout the application and underwriting process.

The Turnaround Times From Pre-Approval To Clear To Close in 2 Weeks or Less

Clear to close in 2 weeks or less mortgage process is possible. Ask the mortgage loan originator about the turnaround times for processing, approval, and conditions. Clear to close in 2 weeks or less is possible on all files as long as the processor and loan officer has packaged up the file correctly without missing documents or missing pages of documents.

Clear to close in 2 weeks or less needs borrowers’ cooperation. Ask how long their company takes to process a mortgage at their company. Every mortgage lender has different turnaround times.

Some mortgage companies will process a mortgage loan once the completed mortgage application and required documents are provided to the mortgage loan originator. Other mortgage companies will time-stamp the completed package, which will be placed in a bin.

It might take anywhere between 24 hours to 72 hours before the mortgage processor gets to the mortgage loan package.

Once the mortgage processor has completed processing the mortgage package, it gets submitted to the underwriting department. It may take anywhere between 24 hours to 72 hours before it gets assigned to an underwriter. If the underwriter issues a conditional approval, the conditions are what can delay the clear to close.

The underwriter will send the file back to the processor with conditional approval. It is the mortgage processor’s job to provide all the conditions. The mortgage processor will then gather all the conditions requested from borrowers and submit them back to the underwriter.

If all the conditions are met, then a clear to close will be issued. If there are any missing documents or pages from the documents requested, it gets kicked back to the processor, where delays happen. Click here to apply for Mortgage Loans

How Can A Mortgage Application Get a Clear To Close In 2 Weeks or Less?

To get clear to close and funded in two weeks or less is never a guarantee, but doable. Everyone’s cooperation is needed, and no delays in conditions can happen. To do a 2-week close, borrowers must cooperate with satisfying conditions when requested. First, all mortgage loan documents must be complete with no pages missing.

The following documents cannot be out of order or have missing pages, such as the two years’ tax returns, two years’ W-2s, 60 days’ bank statements, recent paycheck stubs, and other documents must be complete with no pages missing, and processed in one day.

On day two, the processor will submit the mortgage package to the underwriting department and make sure it gets assigned to an underwriter. At the same time, the processor will order a rush on the appraisal. This should take no more than three days. By day three, we should get conditional approval. Conditions should be minimal.

Clear to close in 2 weeks or less mortgage process is possible. While awaiting the appraisal, the mortgage processor will work on conditions such as the title, insurance, and other internal items necessary to prepare for the closing.

Once the appraisal gets back, the mortgage processor will submit the final conditions and the appraisal back to the underwriter for a clear to close. The underwriter will take 24 hours to review the final conditions and issue a clear to close.

How Long Does it Take From Clear to Close to Closing?

After receiving a “clear to close,” the closing typically occurs within a few days to a few weeks. The timeline can vary based on scheduling, paperwork finalization, and unforeseen issues. Effective communication and prompt action from all parties involved help expedite the process.

What is the Fastest You Can Close on a House?

Several factors, such as the type of financing, the seller’s requirements, and local regulations, can influence the duration it takes to close a house. The time frame for completing the process may vary depending on the variables above. In some cases, it’s possible to close within a week or even less, especially for cash transactions without the need for financing.

However, for mortgage-financed purchases, the process typically takes longer, with closing times commonly ranging from 30 to 45 days. Streamlined processes, proactive communication, and efficient coordination among all parties involved can help expedite the closing timeline, but exact durations can vary based on individual circumstances.

FAQ: Clear To Close In 2 Weeks or Less Mortgage Process

1. What’s the timeline from “clear to close” to closing? Once clear to close is received, closing can happen within a day or a few weeks, depending on factors like scheduling and paperwork.

2. Can a mortgage be approved in 2 weeks or less? While possible under certain conditions, approval timelines vary based on lender processes and application complexity.

3. How can I get a clear to close in 2 weeks or less? Ensure all documents are complete and provided promptly. The processor submits to underwriting, orders a rush on appraisal, and works on satisfying conditions simultaneously.

4. How long does it take from clear to close to closing? Closing typically occurs within days to weeks after clear to close, depending on factors like scheduling and paperwork finalization.

5. What’s the fastest I can close on a house? Closing times vary, but cash transactions can be quickest, while mortgage-financed purchases usually take 30 to 45 days. Effective communication and coordination can speed up the process.

Related> How fast can you close on a purchase?

This blog about Clear To Close In 2 Weeks or Less Mortgage Process was updated on March 27th, 2024.