Question about closing on home???? (mortgage, refinance, credit)

[Mi shots]

I was told traditionally it takes about a month to close on a home in Tennessee.
My question, if a home is vacant, like a newly built home, does that time line still apply or can it go quicker?
Thank you in advance

[46Barb]

I prequalified for a loan with a bank here in TN so when I found my house, everything was done except for the bank to come to appraise the house, etc.... Here in TN, we had to fill in all the financial information so when you prequalified, you were approved already. I know when I lived back in the north, the prequalification didn't mean a heck of a lot.

[bspray]

Closing times can vary quite a bit depending on several factors. If the home is vacant and you're paying with cash, it can be done in a few days. If your bank is on top of everything and you've done a fair amount of your due diligence up front, it can get out of underwriting in a couple of weeks, if not less. In general, there are always issues that come up - inspection, contract changes based on the inspection, something needing clarification, questions about your credit, the property survey, lots of factors can and will affect it. The better prepared you are to address the issues that come up and the speed with which you do address them will certainly help a closing go more quickly. In general though, it seems to take about a month. I've purchased three homes and sold two. No matter how prepared I was and how much work I did up front to make sure there were no questions or complications, it almost always seems to take about a month...

[sucrose]

Valerie June - Tennessee Time - YouTube

[Mary_Moon]

In 2012 hubby and I tore down our old house and built a new one on the same land. The construction loan was in our name - not the builder's - and we already owned the previous house/land outright. We moved in last January but had a few things to finish up before getting the final CO. When we were ready to refinance the const. loan to a perm. mortgage a couple of months later, closing still took about a month to execute, even though we were going thru the same bank that held the construction loan and we were already occupying the house. Underwriting and the final appraisal were the bottlenecks as we had all our documentation in order from the start and didn't have to provide anything additional.

[sway1]

It just depends on your loan, or if you are paying cash closing can be quicker, less than 10 days. I happen to a realtor, so each transaction is different.

[Mi shots]

Originally Posted by sway1

It just depends on your loan, or if you are paying cash closing can be quicker, less than 10 days. I happen to a realtor, so each transaction is different.

WhAt if you are putting down 50% (don't really feel like blowing all our free cash on home, besides can write off interest in balance loan. I want cash for an inground pool

[Memphis1979]

Originally Posted by Mi shots

I was told traditionally it takes about a month to close on a home in Tennessee.
My question, if a home is vacant, like a newly built home, does that time line still apply or can it go quicker?
Thank you in advance

I started the mortgage process in January of last year. After all of the documents were in, it still took about two weeks for the underwriting approval.

We closed in mid - April.

We were already living in the house before the official closing. As you can't talk to the underwriter, it's really put of your hands on time.

[brentwoodgirl]

Originally Posted by Mi shots

WhAt if you are putting down 50% (don't really feel like blowing all our free cash on home, besides can write off interest in balance loan. I want cash for an inground pool

The fastest we've ever closed on a house with a mortgage was 3 weeks. But part of the timing depends on the seller also. If the seller has a mortgage, or esp. multiple mortgages, it can take longer for the closing attorney to get all the payoff information.

We've done a couple of cash closings in less than a week.

[S4F]

A month is about average with a mortgage involved even with a significant down payment. The bank is still going to have to go through all the same steps regardless of your equity. If you found a local bank that planned on keeping the mortgage in-house you might get it pushed through quicker. It would likely require your personal friendship with some of the banking staff to get this done. I know of a local bank that has offered to do this for me on occasion, but it's probably not your typical transaction.