Mortgage Loan 45 days From Today
Getting a mortgage loan in just 45 days from today may seem like an unrealistic aim for some. However, we typically help customers close on their property much sooner than that, although it is on a case by case basis depending on a myriad of factors. Therefore, good organizational skills will be needed if you want to enjoy a streamlined home purchase, although not guaranteed, being well prepared should help you get through the loan process faster so you can close on your property.
If you think about it, 45 day from today should be easier to think about than ever. When calculating, take 45 days then divide by 7 equals 6, which means 6 weeks and 3 days from today would be the answer. Other words, if it is the first of the month, then a rule of thumb would be it would fall somewhere around the middle of the next month.
Items such as income documentation for the past 2 full years and year to date on your current income, such as W '2s for 2020 and 2021 and year-to-date paycheck stubs for 1 full month. Bank statements for the past 1-2 months in a PDF format, and a PDF print out of your escrow deposit coming from your bank account, showing the name, account number and dollar amount. With the supporting files ready at your disposal, completing your home move in just 45 days from today will be far more likely.
Marking about 45 days or even if you estimate 10 weeks from today on your calendar, this is one of the first steps on the path to purchasing your property. From there, you can begin to plan the next moves for a fast and efficient mortgage process that ultimately allows you to start the next chapter of your life hopefully in the shortest space of time. In addition, it should provide you enough time to change any mortgage rates on the rate sheet that is available to you for your unique situation.
What day is 45 days from today?
While 45 day may sound like a long time period, it will fly by far faster than you imagine. While this should take your excitement to new heights, it also highlights the need for good organizational skills. The first step, then, is to know exactly when 45 days from today (or the date that you intend to start the process) will fall, so mark it on your calendar. The calendar tool will provide the answer to what day.
You will want to calculate 45 days from today including the weekdays, as purchase contracts typically do not exclude weekends, so every day is important. However, with the mortgage process, at times certain holidays and days of the weekend may not count for certain regulatory items. You should make sure to discuss this with each member of your team to make sure it's managed appropriately.
Could you really buy a home 45 days from today?
Generally speaking, it takes a little under six weeks to have your mortgage application finalized and ready to execute. When you take the weekend days into account, a 45-day period is a fair estimate. However, there will be several other factors to consider when buying a home, including but not limited to:
- Whether you are selling a property at the same time
- If the property you are buying is ready to move into
- Whether the seller is involved in a chain
- If the negotiations over the purchase price are drawn out
- Whether you are ready to move in just 45 days from today
If you want to execute the purchase in just 45 days, you must also be sure to coordinate your moving company or any trucks you may need to move your furniture, clothes and other items as there may be backup to obtain these items to help you move. Avoiding delays with the physical process of moving will also allow you to place more focus on the mortgage itself.
Who could buy a home just 45 days from today?
It’s hard to imagine that you can be in your home within 45 days from today. However, in our opinion, it is a possibility for a lot of home applicants. Using free mortgage calculators to check out what type of mortgage products may be available can help you get the process started. Suitable mortgages are available for;
- First-time and non-first -time buyers
- Solo and joint applicants
- Applicants with large or small down payments
- Applicants looking to move locally or interstate
- Users from all backgrounds and age demographics
Making sure that you are well organized can help with the loan process and starting with the right type of mortgage product should be the top item on your agenda. Meanwhile, familiarizing yourself with the process ahead will help you act with confidence to speed up the process.
Why aim for 45 days from today?
When you are ready to purchase a property, you should want to complete the process sooner than later, so make sure to gather all of the conditions that are requested of you in a prudent manner. The longer you allow the process to drag, the more of the ability that there is for you to get to the end of the contract date and still not be cleared to close, this is a big risk. This could lead to a wide range of consequences for your home purchase, including but not lost to:
- Lost money on non-refundable services like appraisal, survey and inspections
- Potential lost escrow deposit, or earnest money deposit
- The added stress of potentially needing to find another property
- A loss of motivation if the new property doesn’t match up
- The added stress of redoing the whole process again
If you’ve found the right home in a great neighborhood, an organized approach to finding the right mortgage and supplying all relevant documents can make the next 45 days pass very quickly indeed. If you have to start all over, you might be saying to yourself, it no longer was 45 days from that day, but the process could take up to 10 weeks from today, or even longer.
Get your mortgage loan application started today
If your goal is to be in your new home in the next 45 days from today, the sooner you get started is better than later for your mortgage loan to be completed. Do not wait until the last moment to ‘time it out’ as there are unforeseen potential roadblocks that can come up.
An organized mortgage application could:
- Help guide you to apply for the right mortgage without having to change programs
- Prepare your documentation to help avoid delays
- Review the market to find mortgage products and rates
- Provide quick and transparent communication throughout
- Help guide you to what the proper debt to income ratio and potential PITI
Get started on buying a new home 45 days from today. Start gathering your documents today for your dream home of the future.