It can feel like the hardest part of the home buying process – waiting. You’ve found your dream home, you’ve crunched the numbers, it passed the termite inspection and you’ve already started packing your knick-knacks in bubble wrap. All you have to do now is wait for escrow to close and get your keys.
The typical time frame to close escrow is generally 30 days but hiccups in the process can stretch out the process to 60 days or even longer sometimes. Buyers may delay escrow to come up with the rest of the cash needed to close. Sellers may ask for additional time as they wait on their new home’s escrow to close. And even if both buyer and seller are on track, delays can be caused by issues with the HOA, lender, appraisals or any number of third-parties.
The important thing to remember is that all these issues can be resolved with a little patience and working with experienced lenders and agents.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.75 percent, 15-year rates are near 4.25 percent and the 5-year ARM is averaging 4.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.