Timing and Length of Process

How long will this take?

Most loans take between 5-25 days to close. This time can vary greatly depending upon how much cooperation we receive from you, the appraiser, and closing company. We can close more quickly, but need your cooperation to do so. If you need to close soon please let us know at time of application.

What can I do to speed things up?

The single best thing you can do is to return all the items reqired from your approval.  If you choose your appraiser - make sure the appraiser can return the appraisal to Homeowners timely, if Homeowners orders the appraisla we will make sure it is done in a timely manner.  You also need ot make sure the closing has been scheduled and the closing agent can perfrom all their closing functions prior to the closing.

What could prevent a fast closing?

The usual sources of delay are if Homeowners Mortgage does not receive the necessary documents from either an appraiser or title company/closing firm. You as the borrower are paying for these services and you can and should make sure you receive service from these vendors. 

How does my rate lock fit into all of this?

Your loan needs to close and, if you are refinancing, funds must transfer prior to your lock-in expiration. If your loan does not close and funds are not transferred prior to the expiration, your loan will revert back to the original pricing you requested or the current market, whichever is higher.