Are you finding it hard to buy a house in today's competitive house buying market? Are you running into a lot of sellers who just want an all-cash offer, or sellers who don't want to wait for a month or longer in order for your mortgage loan to be officially approved so you can get to the closing table? Today, one loan product that is increasing in popularity among potential homebuyers is the fast closing mortgage or loan. Here's a little more about this type of loan and why it might be a good choice for you if you are looking to buy a piece of real estate.
Fast Closing Mortgages Use the Latest Technology to Streamline the Process and Get Things Done Faster
Before the latest housing boom, it was not uncommon for a typical mortgage process to take at least a month and sometimes a good bit longer. This is because mortgage or loan companies would want to research every last detail about the house that is being purchased as well as the financial background of the person they are giving the mortgage to. An example of the work that is typically done in the days leading up to the closing would be a title search where the mortgage lender makes sure there are no liens on the title.
But in today's digital age, a lot of this research can be done online much more quickly. Fast closing loan companies use the latest tech in the business to get the information they need about you and the house you are buying as quickly as they can. Assuming they find no problems, it will allow the mortgage or loan to close in much less time.
Being Able to Tell a Seller That You Can Get a Mortgage and Close on the House in Just One to Two Weeks May Make Your Offer More Competitive
There are different companies out there that offer these fast closing mortgages and as always, you should always research who you are going into business with. But in general, it may be possible to get a mortgage to the closing table in as little as a week or two, but certainly in less time than what your parents or grandparents were used to. You might not be able to pay cash for a house immediately, but if your bid is competing with other buyers who will also need a mortgage, getting a quick close might make your offer look more appealing to a seller that wants to get out quickly.
For more info, you can look to a company such as Raw Land Lenders.