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 1:05 PM|
|Author: vkg||Number: 125698 of 127777|
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.
Fortunately, I will never need to apply for another mortgage.
If a borrower starts multiple applications, they wouldn't tell the lender. With the recent significant change in interest rates. It may not be in the lenders interest to issue the loan under the existing terms.
Our buyer received loan approval. We now enter the black box part of the sale. On average loans have been funding in 2 to 3 weeks. We will see if it does or if the previous experience is repeated.
The previous sale was an example of a lender losing track of a loan. Status every couple of days would be reasonable. After the lender misses their funding date by weeks, I expect a clear explanation of what is happening. Just not with the feeling that someone when on vacation and the loan application is on their desk.
What is adequate time? Time for the lock to expire so they can charge a higher interest rate?
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|