Shopping for a home is so much more than finding a new place to live. It’s the start of a new phase of life and an investment in your longer-term goals. Whether you’re planting roots in a new community, preparing to start a family, or just changing the scenery, you deserve to work with a partner who will help make your move fast and easy.
That’s where SESLOC Credit Union comes in. We’re excited to announce the launch of our 15-Day Mortgage Close Program1 to help make your mortgage process smooth and speedy. With the help of our Mortgage Loan Officers, you could go from purchase contract to close in 15 business days.2
Making Your Journey to Accepted Offer Homeownership Even Faster
With the 15-Day Mortgage Close Program, buyers have an advantage in the marketplace over the competition. Data from Freddie Mac shows the average time to close a home purchase is 43 days. By working with SESLOC, you could cut that closing time down by nearly two-thirds, which means moving into your new home and settling in faster.
The 15-Day Mortgage Close Program is available for most SESLOC home loan purchases. If you live, work, or go to school in San Luis Obispo, Santa Barbara, Santa Cruz, Monterey, Fresno, Tulare, Kings, and Kern counties, you qualify for SESLOC membership – which makes you eligible for the program!
Who Benefits Most from the 15-Day Mortgage Close Program?
There are several types of homeowners who can benefit from the 15-Day Mortgage Close Program. If you’re in one of these categories, you might be a great candidate for the Program:
- You’re ready to move: If you are excited to close on your home, this program may be right for you.
- You’re organized and responsive: You have all the documents you need in hand, ready to keep the process moving forward.
- You want peace of mind: Having the confidence of a clear timeline and smooth process is important to you.
- You want purchasing power: In a competitive real estate market, you want to stand out to sellers with a quick close option to strengthen your bid.
You are eligible for the 15-Day Mortgage Close Program if:
- Are purchasing a single-family residence, condominium, manufactured home, a planned unit development (PUD) or lot/land loan in the state of California.2
- You applied for a mortgage loan pre-approval.
- You requested the 15-Day Mortgage Close program from your Mortgage Loan Officer.
- You provided all the required documents fast – the 15-day window starts when the signed purchase agreement is received. See our list of documents needed for your mortgage application.
- You locked your rate at least 10 days before closing.
And if SESLOC doesn’t meet the 15-day deadline, we’ve got your back. You can benefit from up to a $650 credit towards closing costs – our way of saying we’re in this together with you.3
When you go through the homebuying process, you deserve a partner who is responsive to your needs and can move at the speed of life. You found the home – now let SESLOC guide you on the path to getting the keys with our 15-Day Mortgage Close Program. Talk to a Mortgage Loan Officer today to find out how we can help you speed up your closing, or
1. Program Requirements: To be eligible for the Program, to close within (fifteen) 15 business days, you must (1) request participation in the Program, (2) submit a completed loan application, (3) indicate your intent to proceed, (4) provide all required documentation required by SESLOC timely and (5) complete SESLOC’s pre-approval process within ninety (90) days prior to the executed purchase contract date. You must also (6) provide a fully executed purchase contract for which you are able to close within fifteen (15) business days of the contract date and (7) lock in the interest rate at least ten (10) business days prior to scheduling the signing of closing documents. Limitations and Exclusions: The Program’s guarantee does not apply to circumstances beyond SESLOC’s reasonable control, such as but are not limited to, (1) delays encountered during the verification process or related to appraisal, insurance, title, or escrow, (2) delays caused by the applicant, seller, real estate agents, builder, inspection, repairs/improvements, closing agent, or other third parties, (3) delays caused by approval conditions, underwriting, signing, or funding resulting from circumstances beyond SESLOC’s control, (4) incomplete, inaccurate, or changed information, (5) changes in loan terms, loan amount, product type, contract terms, interest rate, initial rate lock, property, occupancy, or borrower qualifications or (6) force majeure events, including but not limited to natural disaster, severe weather, power/internet outages or government actions.
2. The Program is available only for California purchase loans for current SESLOC members and applicants that are eligible for SESLOC membership. An eligible loan must be secured by a single-family residence, condominium, manufactured home, a planned unit development (PUD) or lot/land loan. Refinance loans, FHA/VA loans, second mortgages and Home Equity Lines of Credit and loans secured by multi-unit properties are not eligible for the Program.
3. Provided all Program requirements are met, and your loan continues to be approved and eligible under the Program requirements for closing, SESLOC will provide credit of up to $650.00 toward closing costs if the closing is not completed within fifteen (15) business days due to circumstances reasonably within SESLOC’s control. Any credit provided by SESLOC under this program may be applied only to eligible closing costs and has no cash value.