If time is of the essence why is my lender so slow?

March 24, 2009 in Murrells Inlet Home Buying, Murrells Inlet Real Estate

There are many tales floating around about well qualified buyers that are unable to get funds for real estate purchases.  A trusted mortgage advisor can make or break a real estate purchase and now more than ever it is important to make sure you are dealing with one that can deliver the funds for closing.  The prequalification means nothing if lenders don’t approve a loan based on verified documentation.  Even with a loan approval there is no guarantee the closing will go as scheduled.  Meeting contract deadlines is serious business especially in dealing with REO properties and the buyer can be penalized if closing dates are not met.

The lending climate has changed and the new rules and closing timeframes appear to be expanding beyond the norm in many cases.   In order to avoid penalties or loss of the property due to failing to meet the closing deadline, buyers need to consult with their lender and have a clear understanding of the length of time from contract to closing needed prior to submitting a contract. 

Dealing with a lender that provides lip service and empty promises can be quite stressful and cost buyers plenty if the closing is delayed.   Unfortunately they are out there and will accept no responsibilty for a failed transaction.   If your are considering a mortgage broker find out who is providing the funding and check with your closing attorney to determine if they have had experience with the lender.  Many times your attorney can save you time and trouble as they are well aware of lender delays and issues that can help you make an informed decision before you commit to doing business with a particular lender.  Copyright 2009 Sandra Bundy, Broker-in-Charge, B&P, Inc.