Don't let an inept mortgage broker add stress to your home purchase!
A day before my buyer’s mortgage commitment was due the broker informed me that he was going to ask for a 2 day extension which turned into more than a 2 week extension!
While part of the delay was due to the underwriter requesting a review of the appraisal, most of the delay was due to the mortgage broker not having all the paperwork ready. In addition, the broker did a poor job of keeping everyone informed. Repeatedly the buyer’s attorney had to request extensions not knowing what the delay was. My buyer didn’t know if she was going to get the loan or not.
In a typical scenario where there’s only a week or two between the mortgage commitment and the closing, such delays would have pushed back the closing forcing the buyer to put her belongings in temporary storage. The sale could have fallen apart. Fortunately, that didn’t happen.
Home buyers should give as much thought to picking a mortgage broker as they do a Realtor! Contact me for the names of some reputable Chicago mortgage brokers.
ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
{ 1 comment… read it below or add one }
Lender delays while processing mortgages are THE most common cause of delayed closings right now. A great many closings take place with mortgage loans that are approved barely days (even hours) before the closing appointment.,
Loan officers are most always themselves the causes of these delays, but they certainly can contribute to the problems, particularly when they do not keep the parties, the lawyers, or the real estate agents informed of the relative progress or delay along the way.
You are absolutely correct to stress the importance of choosing qualified and proactive mortgage brokers.
Good post..