Escrow is the last phase before owning the investment property. This is the period of time after the offer has been accepted and paperwork has been exchanged, in which the funds will be held in an account by a neutral third party.
We’ll make sure that the escrow process goes smoothly and can be used to handle the home inspections and appraisal. During this phase the interest rate will get locked in and we’ll send over the credit package and the appraisal report, which the underwriter will use for loan approval. The loan approval typically takes a day or two and then we’ll send over the loan documents to sign.
Most escrow periods last about 30 days but it is possible for them to be shorter or longer depending on your needs or the needs of the seller. We will work with specific time constraints to find the loan that works best.