The Motley Fool Discussion Boards
Personal Finances / Buying or Selling a Home
|Subject: Re: We have accepted an offer on our home||Date: 7/1/2013 10:34 AM|
|Author: Rayvt||Number: 125697 of 128213|
Basically, a borrower should start multiple loan applications. The cards are stacked against them. Since a borrow has no access to information, causing lenders to do unnecessary paperwork is the only protection.
CC is right about this and you are wrong.
Go ahead and start multiple applications, and see what kind of service you'll get when 5 lenders realize that 4 of them will go through all the work but won't get the loan. What you'll get is all 5 of them dumping your app to the bottom of the stack.
Just accept the fact that the industry doesn't work the way you wish it worked. Go with the flow. Give them adequate time to process your paperwork, and when that's gone by call them every 2-3 days to ask for a status update. Don't bug them so much that you piss them off, or you'll get an upclose example of slow-walking.
Nobody gets paid until the loan closes. They have all the incentive in the world to get it closed.
|Copyright 1996-2016 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|