Speed Up Your Home Purchase with a Quick Closing Mortgage Loan

Buying a home is an exciting process, but it can also be lengthy and stressful. From finding the perfect house to securing financing, the average home purchase takes about 60 days from start to finish. However, in today’s fast-paced market, more and more buyers are looking for ways to expedite the process. This is where quick closing mortgage loans come in.

What is a Quick Closing Mortgage Loan?

A quick closing mortgage loan allows qualified borrowers to close on a home purchase in as little as 10-14 days. This accelerated timeline is made possible by streamlining the underwriting process.

Lenders offering quick close loans have proprietary tech and dedicated underwriting teams that can push loans through much faster. They also require less paperwork from borrowers upfront, relying more heavily on electronic verification.

How Do Quick Closing Mortgage Loans Work?

The quick closing mortgage process works in a few key ways:

Pre-approval – Borrowers get pre-approved in advance so the lender already has most of what they need to underwrite the loan.
Light paperwork – Rather than requiring piles of financial statements and records, these lenders lean on digital sources to verify income, assets, employment, and credit.
Streamlined underwriting – An underwriter is assigned to work the file from start to finish, providing quick turnarounds.
Direct lender – The lender funds the mortgage themselves rather than selling it to an investor, avoiding those extra steps.
E-signing and e-notary – Documents are signed and notarized electronically when possible, saving days of mailing and in-person meetings.
Parallel processing – The lender tackles multiple steps simultaneously rather than waiting for each one to be fully complete.

Working in parallel and digitally optimizing the process allows certified lenders to shave weeks off the standard timeline.

Benefits of Quick Closing Mortgage Loans

There are several advantages to pursuing a quick closing mortgage:

Act fast on hot listings – In competitive markets, sellers often pick the buyer who can close the fastest. Quick close loans put your offer above the rest.
Skip overlaps – If you need to move by a certain date, a fast close lets you coordinate the sale of your current home and purchase of the new one.
Lock in lower rates – Closing faster secures your interest rate before any hikes Rates are still near historic lows but have started creeping up.
Reduce stress – Shortening the unknown period between contract and keys in hand brings peace of mind.
Save on housing costs – The less time you’re saddled with two mortgages or paying rent and a mortgage, the more money you save.

For the right borrower, a quick closing mortgage can make a home purchase easier, more affordable, and less stressful.

Tips for Closing Fast

While lenders have optimized the quick closing mortgage process, there are things borrowers can do to keep things moving swiftly as well:

Get pre-underwritten for your mortgage before making offers. This has the lender ready to go once you’re under contract.
Ask your realtor to include a closing date in the offer, allowing 10-14 days.
Discuss timelines with all parties early and set expectations.
Get inspections ASAP and share results with the lender quickly.
Return paperwork and requests from lenders right away.
Use an e-notary or arrange to sign closing documents electronically to avoid in-person meetings.
Communicate any life changes like a new job or major purchase to your lender immediately to avoid complications.

When all parties stay aligned on the accelerated timeline, you can close lightning fast.

Are You Eligible for a Quick Closing Mortgage Loan?

These uniquely fast mortgage products are not for everyone. Here are some common eligibility requirements:

Credit score – Each lender sets score requirements, often 680+
Down payment – Typically at least 20% down
Income/assets – Strong income and cash reserves to show stability
Underwriting – Most require a complete underwrite for pre-approval
Property type – Usually limited to primary residence, single-family homes

Because quick closing programs skip some standard steps, they evaluate borrowers thoroughly upfront.Meeting the above criteria gets your loan moving fast once you’re under contract.

How Much Does a Quick Closing Mortgage Cost?

Surprisingly, quick closing mortgage loans don’t necessarily come with higher fees or rates. Many lenders offer them at competitive pricing.

That said, a lower rate with more points paid upfront or a slightly higher rate with no points are common options. There also may be an origination fee around 1-2% of the loan amount specifically for the accelerated service.

While costlier than a standard 30-year fixed mortgage, keep in mind the quick close is a specialty product with direct benefits like buying power and savings on housing expenses.

Popular Lenders Offering Quick Closing Mortgage Loans

If you need to close fast on a home purchase, these lenders consistently deliver quick closing mortgage loans:

Quicken Loans – As one of the pioneers of fast closes, they have their “Rocket Mortgage” down to a science.
Better.com – A tech-focused lender, Better can close eligible loans in as little as 10 days.
loanDepot – Their “mello” accelerated program lets borrowers close in 12 days.
Caliber Home Loans – A top VA lender, they expedite loans for creditworthy veterans.
Guaranteed Rate – One of the largest mortgage lenders, they launched “Fast Track” for fast closing.

The quick closing mortgage niche has grown fiercely competitive. As demand rises in today’s housing market, more choices at lower costs are emerging.

The Bottom Line

When buying a home, time is of the essence. Quick closing mortgage loans allow pre-approved borrowers to shorten the financing period and close in as little as 10-14 days. Reducing overlap between your current and new home, acting faster on listings, and getting settled quicker provide huge advantages. Just be sure to pick an established fast-close lender and get all your ducks in a row upfront to keep the accelerated timeline on track.

Fast-Track Refinancing Your Home with RP Funding’s Refinance Accelerated Closing Program

A closing delay by even a few days can put your entire transaction at risk. When a quick closing is your only opportunity at refinancing your home, we can help.

Because we are a direct mortgage lender with processing, underwriting, and closing all in one office — we can fast-track your loan through our Refinace Accelerated Closing Program.

We have a dedicated team of mortgage experts who work on our accelerated loans, allowing most accelerated refinance loan applications to be processed in as little as 10 days. Our employees pride themselves on offering unbeatable customer service from your first phone call all the way to the closing table.

What is the Fastest Way You Can Close A Mortgage?

FAQ

What is the fastest you can close a mortgage loan?

It is technically possible to close on a home in 30 days, or even less, particularly if you are paying all-cash rather than getting a mortgage or dealing with a homebuying company or iBuyer. But in general, according to data from ICE Mortgage Technology it takes about 44 days to close on a home.

What is the quickest a mortgage can go through?

How long does a mortgage application take? A mortgage application typically takes two to four weeks to process. Factors such as the how busy the lender is, how straightforward your circumstances are and how quickly you respond to any requests can influence how long it takes for a mortgage to be approved.

Can you speed up closing on a house?

Keep your loan officer’s contact information handy and make sure you have updated pay stubs, bank statements, tax returns or other financial documents on hand to provide as needed. The quicker you can provide the requested paperwork, the quicker your file can keep progressing, helping to expedite the process.

Why do you need a quick closing on a mortgage?

And there’s less chance of something “going wrong” in your life which can affect your final mortgage approval. Quick closings can also get you access to lower mortgage rates. This is because mortgage rates worsen as the number of days required to close your loan increases. When you can close in 30 days or fewer, than if you need 45 days or more.

How long does it take to close on a mortgage?

Once a mortgage is involved, the timeline to close typically expands to 30 to 60 days; closing on a purchase mortgage tends to be a few days faster than closing on a refinance. The stakes for closing late on a purchase are higher, so everyone tends to be more motivated to move quickly and keep the process on schedule.

How can I Close on my mortgage faster?

Here are some tips to help you close on your mortgage more quickly. To get a mortgage approved — whether it’s a via the FHA, a conventional loan with 20 percent down, or a different loan type altogether — you must meet minimum program standards.

How long does a refinance take to close?

Average closing times by loan type: Refinance loans tend to close faster than home purchase loans. For example, a conventional refinance takes only 44 days on average according to ICE, whereas a conventional home purchase takes 52 days to close.