Top 5 Reasons to Close a Purchase Mortgage Quickly

The mortgage business has slowed down. It's hard to find a lender that is motivated to be helpful, good, and speedy. There is one company that has figured out how to close loans in 21 days or less.
- Wallick & Volk Mortgage Bank / Jeff McGinnis, January 31st, 2012

Published January 31st, 2012

Top 5 Reasons to Close a Purchase Mortgage Quickly

The mortgage industry has been in a real bind for finding lenders that can close conventional, FHA, or jumbo loans on time.  No offense to the big banks, but they can behave just like big banks: Big, slow, and distracted. 

Whether a buyer is purchasing a short sale, foreclosure, or from an actual human being, it is important to have a company behind them that can close an FHA, conventional, VA, or jumbo loan quickly and as efficiently as possible.  Here are the top 5 reasons why:

  1. Time Kills Deals – When I was starting out in my professional career, I had several mentors repeat this over and over again: Time kills deals.  This may sound very Glengarry Glen Ross-ish, but it’s true.  If a loan doesn’t close on time, it means that EVERYONE is inconvenienced.  Inconveniences can cause resentments and resentments can kill deals.
  2. Contracts Can Be Compromised – In the time in which it takes to sign new addendums to move closing dates, it may give an opportunity for a seller or buyer to back out of a transaction that the other party would have rather have kept moving forward. 
  3. Schedules Are Adversely Affected – The seller can’t move forward with their next steps in confidence, the buyer’s plans with the moving company needs to be rearranged
  4. Money Can Be Lost – Contracts may have penalties in them for buyers if they close late.  There are purchase contracts that have a per-day dollar penalty that costs the buyer money if they don’t close on the date in the contract.
  5. Opportunities on Short Sales GONE – The short sale a buyer may have been waiting on for six months to finally come together has a 30 day window to close (sometimes shorter).  If that window isn’t met, the opportunity to get that property is gone.

Whether a borrower is getting an FHA, VA, conventional or jumbo mortgage, the idea is that a transaction should go smoothly.  There are a handful of mortgage companies left that actually care if the loan closes on time and in a smooth manner.  I happen to work for one of them. 

From the top down, Wallick & Volk Mortgage Bank has built their reputation as a company that is here to serve their clients since 1932.  The proof is in the model of how they manage their underwriting and funding staff.

Underwriting turnaround times at Wallick & Volk are two days and document delivery is also two days.  By industry standards this is a blistering pace.  Without naming names one of the larger banks is quoting 7 day turn times for underwriting and 5 for document delivery.   A more local mortgage company is quoting 5 in underwriting and 3 in document delivery.  Every day counts when it comes to customer service and getting the job done.

The obvious personal bias aside, it’s important for a mortgage professional to have a reliable source of funding for their reputation.  For real estate agents timely closings are very important for their business and cash flow.  Most importantly for buyers and sellers timely closings help them move onto their next phase in life with confidence and lower stress.

Tags: closing mortgage quickly | Seattle Bellevue mortgage | 98004 mortgage | Seattle Bellevue home loans | Se |

About the Author

Jeff McGinnis
MLO – 279369
Direct: 206-283-5626 (LOAN)
Fax: 425-818-7601
Wallick & Volk Mortgage Bank – Home of the 21 Day Purchase Xpress
600 108th Ave NE, Suite 110
Bellevue, WA 98004