With the new TRID lending and disclosure requirements, it is taking longer to close a home in Austin. In some parts of the country, we’re hearing it is taking double the time it took before the new disclosure rules went into effect. Just how long does it take in Austin to close on a home?
How Long Does it Take to Close on a Home in Austin?
If you’re planning to buy a home in Austin, you’ll probably want to know how much time you need to budget to match your move timeline. This is especially true if you’re relocating to Austin and need a place for your family to land when they arrive. Unfortunately there is no one size fits all answer to the question. The timing really depends on your lender.
Top Lenders Can Close in 30-35 Days
The lenders we work with and recommend can still close transactions in 30-35 days after receipt of a signed contract. These lenders are fully aware of the new regulations and how to navigate them in the most efficient way possible. They have more control of each step of the mortgage lending process, so if they need to step in and move your file along, they can. Plus, they all have very competitive interest rates, so it is really a win-win for home buyers. If you need a recommendation for a great mortgage lender, email us at info@11OaksRealty.com and we’ll send you our top Austin lender’s list.
Banks Need 45-55 Days
If you walk into your neighborhood bank, or apply via an out-of-area call center, we’re getting quotes of 45-55 days after receipt of an executed purchase contract. And, those are “best case” quotes. Big banks have thousands of files and their process is much less service oriented and much more bureaucratic. If you’re loan officer isn’t experienced with the new TRID requirements, a small delay could turn into a week or more. If you’re working with a big bank, plan some extra time to close. Every transaction we’ve been involved in where the buyer worked with a big bank or credit union has been delayed.
Not Getting a Loan? Plan on 7-10 Days
If you are paying cash for your home, you have much more flexibility. Cash purchases in Austin can typically close in about a week to ten days if all goes as planned. If you want to close quickly, have inspections lined up as soon as you can. Let the title company know you want to close as soon as possible, so they can prepare the necessary documents. And, remember to have your money liquid, so it is just a matter of transferring the funds.
How Long Will it Take with Your Lender?
If timing is a key piece to your home search, that’s a question I would ask your lender as soon as possible. As them for a realistic estimate of how long it will take to close your type of loan at their bank. And, make sure they don’t sugar coat the answer.
Buying a Home in Austin?
Whether you need to close quickly, or if you have a flexible timeline, we can help make this purchase as painless as possible. We’ll help you evaluate neighborhoods so you choose the best neighborhood for you and your family. Then, when you find the house, we’ll help you negotiate the best deal possible. With a combined 58+ years of experience representing buyers, there is virtually nothing we haven’t seen or cannot handle. Check out our Austin Home Buyers section to learn more about our buyer representation program. Then, call us at (512) 827-8323, email us at info@11OaksRealty.com to schedule a no obligation consultation.
Need to Sell Your Home First?
Ready to speak to a Realtor about selling? Check out our Austin Home Sellers section to learn more about our innovative marketing program that helps us sell homes for top dollar. Then, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.