How to secure a purchase mortgage in only 6 days

In the world of real estate, the conventional timeline for securing a purchase mortgage often extends to around 30 days or more. However, if necessary, this timeline can be shaved down significantly with the right team. In this blog post, we’ll delve into the remarkable story of how a determined client, a dedicated loan officer, and a well-coordinated team of professionals managed to navigate the complexities of the mortgage process and secure a purchase mortgage in an astonishing 6 days!

Background

Our story begins with a client who had been trying to find his dream home for months. Faced with competing against cash offers in a competitive market, he was determined to find a solution. On Tuesday, June 6th, with a closing date just 10 days away, the client contacted his loan officer for advice on delayed financing. He hoped to access more funds for the purchase by securing a higher loan-to-value (LTV) ratio, ideally around 95%. The loan officer saw an opportunity to help the client secure the financing he needed while keeping the possibility of a cash offer on the table.

Important Dates

1. Purchase Agreement – Day -4: The client got his offer accepted with a cash offer.
2. First Contact – Day 0 @ 1:05 pm: The client contacted the loan officer, seeking advice on delayed financing and expressing his desire to recoup as much as possible. The loan officer immediately began working on potential solutions, which included a collaborative effort with the client’s agent and the seller’s agent to secure a loan and close within the tight timeframe.
3. Loan Disclosed and Docs Signed – Day 0 @ 6:48 pm: The loan officer swiftly prepared the documents for the client’s review and signature.
4. Appraisal Ordered (Rush Order) – Day 0 @ 6:56 pm: The urgency of the situation prompted the loan officer to expedite the appraisal process to ensure a timely closing.
5. Submitted to Underwriting – Day 1 @ 9:28 am: The loan officer promptly submitted the client’s documentation for underwriting approval. Additional title and homeowner’s insurance documents were included to streamline the process.
6. Approved with Conditions – Day 2 @ 2:11 pm: The underwriting process proceeded remarkably smoothly, with only the appraisal condition left to be fulfilled.
7. Appraisal Received – Day 6 @ 1:48 pm: The appraisal was completed without delays, validating the property’s value and aligning with the purchase price.
8. Clear to Close – Day 6 @ 8:32 pm: The loan was cleared to close, indicating that all conditions had been met and the final steps could be initiated.
9. Closing Documents Sent to Title Company – Day 7 @ 10:17 am: The loan officer coordinated with the title company to prepare the necessary closing documents.
10. Final Loan Numbers Sent to Borrower – Day 7 @ 10:42 am: The client received the final loan details, ensuring complete transparency.
11. Wire Sent – Day 9 @ 7:24 am: Funds were transferred to finalize the purchase.
12. Closing Date – Day 10 @ 12:00 pm: The client officially closed on his new home, achieving his goal within an astonishingly short period.

How Did This Happen So Fast?

The success of this accelerated mortgage process can be attributed to exceptional teamwork and cooperation among all parties involved.

1. Team Collaboration: From the buyer’s agent to the seller’s agent, the underwriting team, title company, insurance agent, appraiser, and most importantly, the borrower, everyone was aligned with the goal of a swift and successful closing.
2. Client’s Role: The client played a pivotal role by promptly providing all requested documents within 24 hours, despite the complexity of his financial situation. His proactive and efficient response greatly contributed to the fast-tracked timeline.

Conclusion

This remarkable success story showcases that with a motivated client, a dedicated loan officer, and a well-coordinated team, securing a purchase mortgage within an extremely tight timeline is indeed possible. By working together seamlessly, adhering to deadlines, and maintaining open communication, the involved parties transformed what would traditionally be a month-long process into an awe-inspiring achievement accomplished in just 6 days. While such a rapid timeline might not be the norm, it serves as a testament to the power of collaboration, efficiency, and the benefits of working with a local mortgage broker.