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  1. […] NOTE 10/23/2015: This post has been updated to include the new disclosures and wait periods required per the Dodd Frank Act effective on loan […]

  2. […] The process of getting a mortgage consists of several stages and typically takes anywhere from 30 – 45 days (or more) depending on how prepared you are, what mortgage program you have selected and if it’s a purchase, the closing date may dictate how long the process will take. With this post, I’m focusing on the steps involved with obtaining a refinance (aka refi) which are slightly different than the process when you are buying a home. […]

  3. […] process to avoid having their credit pulled too many times. However, I typically recommend starting the preapproval process as soon as you start thinking about buying a home. This allows you to have time to improve credit […]

  4. Manny
    May 03 - 10:10 pm

    Can the escrow ask for bank statements after signing of closing docs?

    • Rhonda Porter
      May 04 - 7:46 am

      Hi Manny,
      Sometimes escrow may ask for items after signing your loan documents. They are probably conditions that the lender required. However, you can contact your lender to make sure they are needed and, if you prefer, you can probably send the documents directly to your lender.

  5. Greg
    Dec 15 - 12:49 pm

    I’m doing a refinance and they have this silly “wait 3 days until after closing to fund”… can apply for new credit in that time?

    • Rhonda Porter
      Dec 15 - 12:54 pm

      Hi Greg, I would not recommend applying for new credit before your loan has closed… silly wait period or not. Lenders re-verify credit and employment just prior to closing… sometimes the same day as closing/funding.

  6. Munadi
    Jan 25 - 12:26 pm

    Hello,

    What happened if you are laid off before closing? My last day on the job was 1/20. Final work through is 2/14 and then closing.

    • Rhonda Porter
      Jan 25 - 2:41 pm

      Hello Mundadi,
      Lenders will re-verify your employment just prior to closing. They will discover that you have been laid off. I recommend contacting your Loan Officer immediately to let them know. Hopefully you can land a new job prior to closing. Good luck!

    • Billy
      Feb 20 - 7:46 pm

      Hey Mundadi, how did your closing work out? Did they reverify your employment?

  7. Josh L
    Apr 20 - 2:34 pm

    What kind of time frame is there from Closing Disclosure to being Closed?

    • Rhonda Porter
      Apr 21 - 1:53 pm

      Technically there is not a date that a loan has to close once the closing disclosure is issued, to my knowledge. However, a borrower cannot sign their final loan documents until 3 days have passed after signing their final closing disclosure.

      If you’re having an issue with your loan closing, I recommend contacting a manager at the mortgage company to find out what’s going on.

  8. […] SOURCE: OCTOBER 23, 2015 ARTICLE BY RHONDA PORTER […]

  9. […] most important document to review is your loan application. The final loan application signed at closing can easily hold typos or changes made by shady or […]

  10. Ce
    Mar 08 - 2:11 pm

    How long after recording do you get the keys?

    • Rhonda Porter
      Mar 08 - 2:16 pm

      Hello Ce, typically the real estate agents address when keys are delivered to the buyer. It’s often done once funding/closing takes place and you’re officially the owner.

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