ARAMCO Report - The Mother of ALL Mortgage Blogs!

Closing escrow on the double

Posted by The Aramco Group on Sun, Oct 21, 2018 @ 09:10 AM

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.

Topics: home buying, escrow, Mortgage rates

ARAMCO Report -Monday September 29, 2014

Posted by Mehran Aram on Mon, Sep 29, 2014 @ 17:09 PM

August pending home sales were down 1% from July, further evidence of an uneven housing recovery. This according to the National Association of Realtors which regularly reports on home purchases under contract which have not closed escrow yet. Bond yields were slightly lower on this news and other data reflecting tame inflation and in reaction to recent weakness in stocks. Conforming no point 30 year fixed mortgage rates average 4 1/4% with 15 year rates closer to 3 3/8ths.

And now for something completely different: Did you know that since 1945 all British tanks come equipped with tea making facilities?

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at www.ARAMCO.Biz or call me at (877) 700-0942.

This is Mehran Aram with today's ARAMCO Report.

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Topics: Reverse Mortgage, and now for something completely different, home purchase, bonds, tanks, tea, 30 year fixed rates, Bond yields, National Association of Realtors, Housing, August, British, escrow