For the Home Buyers that May Need a Little Extra Boost in Getting your Offer Accepted, this is for you.
If speed is what you need to get the edge on the competition, look no further than Priority Mortgage. Case in point, January is always a down month for us as far as number of purchase closings; but regardless of the season, we keep moving ALL Loan types through quickly to close. In addition to our refinance closings, here is a complete, all-inclusive list of the purchase mortgages Naomi and I have closed in January 2022. The number of days to close indicates time elapsed from our receipt of purchase agreement to Closing Date:
- 20 calendar days to close VA Purchase from purchase agreement received Sunday, December 12, 2021 to closing the first day after the New Year on January 3, 2022.
- 28 calendar days to close FHA Purchase from purchase agreement received Friday, December 10, 2021 to closing on Friday, January 7, 2022.
- 19 calendar days to close Conventional Condo from receipt of purchase agreement received, Sunday, January 2, 2022 to closing on Friday, January 21, 2022.
- 21 calendar days to close FHA Purchase from receipt of purchase agreement received, Monday, January 3, 2022 to closing on Monday, January 24, 2022.
- 21 calendar days to close rural property from receipt of purchase agreement received, Monday January 10, 2022 to closing on Monday, January 31, 2022.
- Realtor references available for these transactions
- Our all time fastest record in closing a purchase loan was a VA Loan which was 8 Calendar days from first being introduced to the Veteran and receipt of purchase agreement to closing.
The average time for our entire purchase pipeline for January 2022 closings including: 1 VA, 2 FHA’s, 1 condo, and 1 Rural Home, was 15.8 business days from receipt of purchase agreement to closing date. Admittedly, these sales were in January which is typically a slower month for home purchases, but those who work with us on a regular basis know that we close loans just as consistently fast even in the height of brisk spring market such as June and July. For our Buyer’s who have fully processed pre-approvals prior to making an offer, we have routinely been able to close loans within 12-13 business days or less from receipt of purchase agreement if that is what it takes for our customer to win their bid.
When looking for speed in closing, it is important to note that a lender’s ability to get a fast so called “Clear-to-Close” is not the same as getting the loan “closed” quickly. In fact, a lender’s self-proclaimed “Clear-to-Close” can occur in only 1-3 days depending on their underwriter’s turn times, and when the loan officer deems the clock starts. Is it the application date? Is it when they get all docs from the buyer?? Is it when they submit the loan to underwriting??? The true test of speed can only really be judged from the lender’s receipt of the purchase agreement to closing day. Any other measure of a lender’s speed might be hyperbole.
What’s even better when working with Priority Mortgage is that our exceptionally fast closings combined with unparalleled communication doesn’t come at a premium. Our rates and closing fees will beat the other mortgage companies and banks while being in line with the credit unions. Find out what a combined 50+ years in a Loan Officer/Processing team that doesn’t have the heavy overhead of layers of management and marketing costs can do you for you. Having decades of experience, we won’t ever over promise when we can’t close a loan within 3 weeks, but we will process your loan much faster than any other lender given the same exact file and set of circumstances. At Priority Mortgage, we do this month after month, year after year after year. We are also always there for our past customer’s questions and needs, years after their loan has closed. Try getting that type of service from the big online mega lenders, banks and credit unions. Our customers are clients are for life. By Referral, we hope to help even more of our clients and customers and their referrals in 2022!