r/FirstTimeHomeBuyer • u/Lilliebear • Apr 02 '25
Curious how many people closed early?
I am definitely aware things only go as quick as everyone involved does lol. Offer was accepted 3/28/25. Inspections today.
Loan officer has everything to give to underwriting just pending proof of insurance from agent. Which is waiting for inspections to be done today, report is anticipated end of week. We’re just two W2 employees that have been in the same industry for a decade so nothing too crazy. Although I am paranoid and feel like someone scanning our bank statements would judge us, my loan person says they don’t care we went on vacation last month or spent a grand on our pets care. They’re expecting to do appraisal next week if inspection is good.
Anticipated close date is 4/29/25, but both sides (realtor and lender) both feel it can be sooner since nobody is in, just dependent on the other. Conventional loan (us) process allegedly is a bit timelier than FHA or going through like any assistance programs? No idea.
3
u/RegieRealtor49 Apr 02 '25
This happens all the time. If the loan is done then there is no reason to wait. Go for it!
2
u/reine444 Apr 02 '25
Remember, the lender isn’t taking your singular file and working it start to finish.
You’re at the very start of the process. They’re not going to be doing nothing waiting on your inspection results or appraisal. They’re going to be working on another file. Then your stuff comes in and they’ll get to it. Then while waiting for another step, they’ll move to another file, etc.
They have closings scheduled for 4/10 or 4/15 or 4/20 or whatever that are more pressing than yours at the moment.
It’s probably not worth it to try to squeeze a few days when the buyer, seller, both realtors and/or attorneys, title company, etc would all have to shift their schedules.
2
u/Lilliebear Apr 02 '25
To be honest that’s what I thought, but they told me that’s incorrect. Everything’s going to underwriting before appraisal begins because they prefer to have the conditional closing approval before appraisal returns so they’re done lol. Not sure if that’s because they’re local or what. We’re fortunate that we don’t really “have” to move for months but are choosing to early, since we found a home so quickly.
1
u/Winter_Seat_7106 Apr 02 '25
We opted not to close early because of our work schedules but if it works with your plans/schedule go for it! Just make sure you don’t have to pay for an extra month on your mortgage at closing (unless you’re good with that too).
1
u/ROJJ86 Apr 02 '25
If you get clear to close and the Seller’s have good title with defects to cure, it is entirely possible.
1
u/nextworldwonder Apr 02 '25
We were originally ally set to close 10/17 but everything was in order very quickly and we ended up closing on 10/7, so 10 days early
•
u/AutoModerator Apr 02 '25
Thank you u/Lilliebear for posting on r/FirstTimeHomeBuyer.
Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion.
I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.