In today’s fast-paced world, where time is of the essence, finding a mortgage lender who can deliver a quick turnaround time is crucial. Whether you’re a first-time homebuyer eager to move into your dream home or a seasoned homeowner looking to refinance and secure a lower interest rate, a fast mortgage lender can make all the difference.
Here is a comprehensive guide to help you navigate the mortgage landscape and find the lender who can get you the funds you need in a hurry. But with so many lenders out there, how do you know who’s the fastest?
Factors to Consider When Choosing a Fast Mortgage Lender
While speed is undoubtedly a critical factor, it’s not the only aspect to consider when choosing a mortgage lender. Here are some other essential factors to keep in mind:
Interest Rates: Competitive interest rates can save you thousands of dollars over the life of your loan, so don’t settle for the first offer you receive. Shop around and compare rates from multiple lenders to ensure you’re getting the best deal.
Fees: Lenders charge various fees, including origination fees, closing costs, and appraisal fees. These fees can add up quickly, so be sure to inquire about all associated costs before committing to a lender.
Customer service: A helpful and informed customer service staff can ease the stress and make the mortgage process go more smoothly. Choose a lender who has a track record of providing outstanding customer service and accessible assistance.
Loan Options: Different lenders offer a variety of loan products, so choose one that aligns with your specific needs and financial situation. Whether you’re looking for a conventional loan, an FHA loan, or a VA loan, make sure the lender you choose offers the type of loan you’re seeking.
Pre-Approval Time: A quick pre-approval can give you a leg up in a competitive housing market. Look for a lender that can pre-approve you within a few days or even hours.
Closing Time: The closing time is the time it takes from loan approval to receiving your funds. A fast closing time can help you move into your new home or access your refinance funds sooner.
Identifying the Fastest Mortgage Lenders
Now that you are aware of the important variables, let’s examine how to find the fastest mortgage lenders available. Here are some of the top contenders:
Rocket Mortgage: Rocket Mortgage is renowned for its expedited pre-approval times and simplified online application process. In as little as eight minutes, the lender can pre-approve you, and the typical closing period is thirty to forty-five days.
Mr. Cooper: Mr. Cooper has reasonable interest rates and a quick (30–40 day) closing time. Additionally, the lender offers a range of loan options, such as VA, FHA, and conventional loans.
SoFi: SoFi is an online lender that offers competitive interest rates and a streamlined online application process. While SoFi doesn’t disclose its average closing time, many borrowers report closing within 30 to 45 days.
Ally: Ally is another online lender that offers a fast and convenient mortgage experience. Ally can pre-approve you in as little as 3 minutes, and the average closing time is a few weeks to a few months.
Better: Better is an online lender providing a quick and clear mortgage process. Your loan can be pre-approved by the lender in as little as three minutes, and closing typically takes thirty-two days.
Additional Tips for Getting a Fast Mortgage
In addition to choosing a fast mortgage lender, here are some additional tips to help you expedite the mortgage process:
Gather Your Documentation: Before you start the application process, gather all the necessary documentation, such as your tax returns, pay stubs, and bank statements. Having everything readily available will streamline the process and prevent delays.
Be Prepared to Answer Questions: Be prepared to answer questions about your financial history, employment, and debt obligations. The more information you can provide upfront, the faster the lender can process your application.
Be Responsive: Respond promptly to any requests for additional information or documentation from the lender. Delays in communication can slow down the process.
Consider a Streamlined Loan Program: Some lenders offer streamlined loan programs that can shorten the closing time. These programs typically have stricter eligibility requirements, but they can be a good option if you need to close quickly.
Work with a Mortgage Broker: A mortgage broker can help you shop around for the best rates and terms and can also guide you through the mortgage process. A good mortgage broker can save you time and money.
Finding the fastest mortgage lender can help you achieve your homeownership goals or refinance your existing mortgage quickly and efficiently. By considering the factors outlined above and following the additional tips, you can increase your chances of securing a mortgage with a fast turnaround time and favorable terms. Remember, time is of the essence, so don’t hesitate to start your search for the perfect mortgage lender today.
21 Day Home Loan Close Process
Fast mortgage service comes standard at CrossCountry Mortgage. In addition, we can close the majority of loans in as little as 21 days thanks to our FastTrack Credit Approval program. We recognize that you want to start living in your dream home as soon as possible after finding one.
Here’s how it works:
- In close collaboration with you, we’ll gather all necessary paperwork within 7 days of the application date, make sure it’s accurate and complete, and submit it for loan processing to review.
- Your documentation will be reviewed by a loan processor within 24 hours of receipt, and the review will be finished in two days. The processor will then submit your loan to underwriting.
- An underwriter will be assigned to your loan, and they will finish the first review in a day. Within seven days of the underwriter’s initial notification, your loan will be returned to the processor to clear any conditions and get ready for closing. After everything is finished, the loan will be returned to underwriting for a last examination and approval.
- The loan will be returned to the processor by the underwriter, who will then issue a clear to close (CTC), confirm the closing date and time, and add the loan to the closing queue. The closer will give the settlement agent 24 hours to receive closing documents.
- Together with your agent, you’ll sign any last-minute paperwork at the closing.
Fastest Mortgage Lenders
FAQ
What is the fastest a mortgage can close?
How fast can I get approved for a mortgage?
Which online lender is best?
Better Mortgage: A good option if you want an easy-to-use online lender, but its loan options are limited. SoFi Mortgage: SoFi has a convenient online process, but a fairly limited selection of mortgages. Paramount Bank: You might like Paramount as an online lender, but it doesn’t offer as many mortgage types as our top picks.
Which FHA lender has the fastest turnaround?
LowRates.com says its 20-day turnarounds are among the fastest in the mortgage industry. Mr. Cooper is one of the largest FHA lenders in the U.S. Its mobile app makes it convenient to apply online, monitor your application status and make monthly payments. Mr. Cooper’s Digital Loan Tracker offers transparency during the approval process.
How to choose the best mortgage lenders in March 2024?
To choose the top mortgage lenders of March 2024, we looked at five main factors: Variety of loan types. Conventional loans, government-backed loans, and jumbo loans are some of the most common mortgages offered by lenders.
How do I choose the best mortgage lender?
LendingTree studies consistently show that consumers save when they shop at least three to five lenders before choosing a mortgage company. Follow these tips to choose the best mortgage lender for your home loan needs: → Gather rate quotes on the same day. Rates change daily, and your loan estimates should feature the same date.