Is 45-60 days to close too long?

[Anthony Conrad]

I am purchasing my first investment property. Rather than use the realtor’s suggested lender, who said he could close in less than 30 days but took a week to get me an application, I chose to use one that I have a relationship with from purchasing and refinancing my own home. Interest rate and closing costs are about the same. I neglected to ask my mortgage broker about his time to close. He is telling me a minimum 45 days up to 60 days. Is that reasonable? My realtor says I will be in breach of contract if we don’t close by the end of the year. Should I have gone with the lender that can close quicker?