Why lenders offer this
A quick close deal helps lenders fund and close their pipeline faster, and in some cases they pass along a small pricing incentive to attract borrowers who are able to move fast, such as those buying a resale property with a flexible closing date.
When this situation comes up
This is more common when a seller needs a fast closing, such as an estate sale, a resale purchase where the buyer already has financing lined up, or when a builder has move-in ready inventory they want to close quickly.
- Estate sales needing a fast transaction
- Builder inventory homes ready for immediate closing
- Sellers relocating on a tight timeline
What you need ready in advance
To take advantage of a quick close, your documents, down payment, and financing need to already be well organized, since there's little room for delays in underwriting or document collection.
Is it worth pursuing
The pricing benefit is usually modest, so it shouldn't be the main reason to rush a purchase decision. It's more of a nice bonus if your timeline naturally aligns with a quick closing opportunity.
Frequently asked questions
- How fast is considered a quick close?
- It varies by lender, but generally anything under two to three weeks from application to funding would be considered a quick close.
- Do all lenders offer quick close incentives?
- No, this is more common with certain monoline or alternative lenders and isn't a standard offering across the industry.
- Can I request a quick close on any purchase?
- You can ask, but it depends on how quickly your documents and the property details can be finalized, along with the lender's current processing capacity.