45-Day Quick Closes

45-day-rate-holdA handful of lenders have extended the rate holds on their “quick close” specials.

Quick close rates are typically offered to people closing within 30 days (of application submission). That’s largely because lenders don’t have to hedge their rates as long, which saves them money.

Lately, however, lenders like Home Trust and MCAP have come out with 45-day quick closes.

Some lenders are even pairing their lowest rates with 60-day holds.

Competition is largely behind it. Lenders are offering their best rates for another 15-30 days to separate themselves from the pack and/or funnel in deals within specific timeframes.

If we’re lucky, maybe the 45-day quick close will stick around for a while. The extra 15 days do come in handy at times.

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