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Office:(713) 928-5800
Fax: (713) 928-5696
Robie Chapa
Direct Line: (713) 928-5800
Email: robie@chapamortgage.com
Loan Officer License # 50851
How long does it take to obtain loan approval?
How long will it take to close if I applied for my mortgage through a "pre-approval" program?
If I refinance my loan with my existing lender, will I have to pay all the closing costs again?
Will the lender agree to include my closing costs in the loan amount?
How quickly can a lender close on my home loan?
Can I close on a home without having to be at the closing table?
How much money will be required at closing?
Does the lender require title insurance for purchase transactions?
What homeowner's insurance requirements will I need to meet at closing?
Depending on your credit history and down payment and the loan program selected, it is possible to approve your mortgage in as little as 24 hours. The average number of days from application to approval will vary from lender to lender. However, 7-10 business days is typical.
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How long will it take to close if I applied for my mortgage through a "pre-approval" program?
If you applied through a "pre-approval" program and were approved, we can typically close within 3 weeks after a purchase contract has been signed. In most cases, 45-60 days from application to closing is typical. The transaction itself may cause the timeframes to vary.
Typically, yes, as there is a cost to process any new loan application. This cost may include fees paid to third parties, such as the appraisal provider and the title and closing providers.
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On a purchase transaction, you typically cannot finance your closing costs into the loan amount. We do, however, have special programs under which you may be able to finance some, or all, of the costs by agreeing to a slightly higher interest rate. Also, if you are refinancing, you may be able to refinance some, or all, of your closing costs.
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How quickly can a lender close on my home loan?
We can facilitate closing 2 to 3 weeks after you have agreed on a purchase contract for a home. If you need more time, you can take as long as you need, while still closing prior to any rate lock expiration dates. We typically require 30-60 days from purchase contract and application to closing.
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Can I close on a home without having to be at the closing table?
We are willing to accommodate what is termed a "mail away" closing. You may also appoint someone to act for you by using a Power of Attorney. In this scenario, you would actually assign someone to sign on your behalf. Each state has its own specific requirements, so please check with your closing agent for state specific requirements. If you select a "mail away," we will coordinate overnight delivery of the documents to ensure a timely closing. Please note this process may require some additional coordination time.
A direct billing program allows a relocation lender to pay all the non-recurring closing costs on your behalf and, in turn, bill them directly to your employer. This makes the closing process easier and reduces the out-of-pocket expenses you are responsible for at the time of closing. Direct billing is only available in certain situations.
How much money will be required at closing?
The amount of money needed for cash to close is comprised of your down payment, closing costs, as well as the prepaid items for your initial taxes and insurance escrow accounts. We are required to provide you with a good faith estimate of settlement costs at the time of application. Also, typically within 24 hours prior to your closing, the closing agent will provide you with the final sum of money required for the closing.
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Does the lender require title insurance for purchase transactions?
Yes, a Mortgagee's Title Insurance Policy will be required on purchase transactions.
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What homeowner's insurance requirements will I need to meet at closing?
We usually require a one-year paid receipt for homeowner's insurance policy for at least the amount of the mortgage at the loan closing.
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