How to have a fast mortgage closing

DDA Mortgage • August 1, 2022

Buying a home in a market that moves quickly can be exciting and stressful at the same time. Compound that with mortgage processing and the fear of the unknown can be overwhelming.


Relax, because there are systems in place to help you get same-day approval and close on your home fast. Here's what you need to know.



Same-Day Applications For Fast Mortgage Closings


If you are trying to close fast, talk to a broker who is going to fill out the application with you or take the application over the phone for you. If you are trying to complete the application yourself without guidance, there are too many opportunities to answer the wrong question and derail same-day approval.


We always walk our clients through the questions so there aren't any surprises.


This does take extra effort on our part and many of our colleagues prefer to let clients self-serve, but we've found the extra effort makes all the difference in closing loans fast! We ask our clients to call (727) 784-5555 for a simple 15 to 30 minute phone call. We make sure the mortgage application is completed correctly. Avoid the confusion of a self-serve form and give us a call.



Same-Day Mortgage Approval For Fast Closings


Without same-day approval, you might be getting your application together while someone else is buying your home. With same-day approval, you can bid on a home with confidence.


Same-day approval uses electronic verification of your employment, credit, and assets to determine your eligibility for a loan. You will be required to provide additional information and documentation for processing later on in the process. However, same-day approval allows the lender to issue a preliminary approval letter indicating how much you can borrow and what closing costs will be required.



Fast Closings Require A Team That Communicates


To close your home loan, you need your realtor, title company, and mortgage broker to work together and take action quickly. You also need to respond to questions or documentation request quickly.


It’s important that everyone involved in your home loan knows what is expected of them and when they need to be ready. The more organized everyone is from the beginning of the process through closing day, the smoother things will go for you as a borrower.


This is when experience matters. Our Loan Officer Didier has over 35 years of experience and over 300 5-star google reviews. He knows how to close on your loan fast!



Waive The Appraisal If Possible


You already bid on the home. You know what you are willing to pay. It is the findings on the approval that dictate whether the appraisal is waived or not. If you get an appraisal waiver, take it.


If you don't waive the appraisal, you are adding tasks that can delay your closing. Worse, if the appraiser appraises your home below your asking, you may lose the home.



Documentation And Underwriting


Submit documentation for processing as soon as possible. If there are any questions during underwriting respond as quickly as possible. Sometimes requests are redundant and frustrating, but the underwriters at the banks have regulations they have to meet. Please be patient and respond quickly.


We had one married couple who was trying to close quickly, and the husband had to write a letter saying the wife had access to the funds in the joint bank account. Her name was on the account, so the request seemed odd, but it was required, so they wrote and signed a letter as soon as the request was made.



Next Steps


If you need to close fast, call us now a (727) 784-5555. We know how to make sure you are approved and that you close quickly without unexpected surprises.


If you have any questions about closing quickly, please feel free to ask using the form below.

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