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Closing fast? That’s a thing of the past!

In today’s tremendously regulated and monstrously documented charted process, you should count on your mortgage-closing timeline reaching or perhaps even exceeding two months, depending on your lender and/or the banking rules.

That being said, here are 3 ways to help you shave off some valuable time!

1. Hire a Reputable Title Company

A title company is essentially a trusted third-party account holder through which money for the home purchase is received, held and disbursed. Selection of a title company is the key, as is maintaining an open line of communication.

The fastest you can get a title commitment (title search) might be a day to two days. The typical time frame would be three to five days. When you call, you may want to ask them: ‘How long is it currently taking to get things done?’ Sometimes they’ll make an exception depending on your needs. If you don’t ask, you won’t know.

When in doubt, call two or three companies for estimates.

Time saved: About five days, if you find a solid title company that can handle your business.

2. Respond Promptly to Requests for More Information   

This often is the point in the process—after you’ve seemingly answered every question and turned over every shred of your financial information—where you may become the most frustrated.

Don’t worry: The end should be near. Don’t let your exasperation over any last-minute plea for more records stall your process. Even if a missing item seems insignificant, it will require the file to go back into the queue for an underwriter to review yet again. If the request seems vague, speak to your loan officer to make sure you understand exactly what is being requested from you.

Time saved: It’s up to you. Just drop everything and get it done—lenders don’t typically assume you’re going to take two weeks, they assume you’re going to do it in a day or two.

3. Line Up Your Insurance Early

On the same day your contract is given to the title company, you should be calling to get quotes and obtain homeowners insurance, plus any other necessary coverage such as a flood policy.

The policy will not take effect until closing, so you aren’t paying for coverage just because you obtained a quote or the policy in advance. You may need to revise the policy if the coverage is deemed to be insufficient or if the documentation is not worded properly. So a jump start is always a plus.

Time saved: Five to seven days, if you don’t wait to purchase the policy.

At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: Overpricing a Home Can Be More Damaging Than You Think

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