We are pleased to feature Ky Oday from Unifirst Mortgage writing a mortgage series for us. We asked Ky the same questions you probably have on your mind and he used his expertise and knowledge and give us the run down on your mortgage questions.
What is the average time it is taking to close a loan?
The average time to close a loan will depend on 3 primary factors when applying for a mortgage.
- The strength of the borrowers will directly impact the time it takes to close a loan. For example, if a borrower as “A credit”, verifiable source of down payment and verifiable income to support monthly liabilities the closing can be accomplished in 30 days or less.
- The type of subject property. If the subject property presents any challenges the time to close the loan will be longer. Challenges to properties can be the type of home, for example a manufactured or a stick built. If the property type is a manufactured home the expected time to close often can be 30 days or more. A stick built home typically presents very little challenges to the timing of when a loan closes and could close in 30 days or less. In my opinion the most common delay for a stick built home when present is the appraised value.
- The type of program you and your lender decide is best for you. Please note that VA and USDA Rural Development (RD) loans are subject to VA and RD turnaround times for loan approval. No matter the lender you choose VA and RD will review your file for approval based on their posted turnaround time. For VA and RD loans it is safe to expect at least 30 days for a closing. For FHA and Conventional (Conv) loan programs it is definitely possible to close a loan in 30 days or less.
Please keep in mind that borrower and files are different, which means that each application will have to be considered on its own merit when determining the close date. Also keep in mind that each of the three primary factors is taken into consideration collectively in determining a close date. The best way to in ensure a successful on time closing is to work with a lender and a realtor who has your best interest at heart with a strong understanding of the current market conditions.
About Ky Oday:
Ky began working in the real estate industry in 2002. He has worked in Grand Junction as a commercial and residential loan officer for two area banks for the past 8 years. For four years Ky served as a board member for Northwestern Colorado Home Builders Association. Ky is a Grand Junction Lions member since February 2004 and served on the board for eight years and as president for 2010 and 2011. He currently serves on the board for CMU Alumni Association 2011. Ky was raised in Grand Junction and was a prominent athlete in the valley in both high school and college. Ky graduated from Utah State University with a degree in Journalism. A commitment to community and ethics drives Ky to make the home loan process as stress-free and smooth as possible while helping his clients make informed decisions.
Unifirst Mortgage offers a line of loan products for today’s home buyer and homeowner
- FHA loans
- VA loans
- USDA Rural Development programs
- Reverse Mortgages
Unifirst Mortgage is locally owned with locations throughout Colorado. We are proud of our ability to do everything in house, which allows us to give you the answers you need when you need them. We have 2 underwriters in house that allows us to offer fast immediate approval on your loans. Apply today and find out why we are Colorado’s Lending Leader.
Regulated by the Colorado Division of Real Estate Equal Housing Lender .To check the license status of your mortgage broker, visitwww.dora.state.co.us/real-estate