When Your Loan Doesn’t Close on Time

homeowners sitting on couch on computer

It’s not all about rate!

When you are shopping for a lender, keep in mind that when the transaction doesn’t close on time, nobody wins.

Real Consequences

When your loan doesn’t close on time

  • Financing contingency lapse
  • Seller unwilling to extend
  • Losing earnest money
  • Per diem seller charge (IF they agree to extend)
  • Losing to a back-up offer
  • Lock extension costs
  • Altered moving plans
  • Temporary housing costs

When the financing piece of your transaction doesn’t close on time, there are many unintended consequences — beyond the fact that the property is now out of contract.

Many national banks and lenders are unable to perform and close loans in a timely fashion. Be sure to work with a Mortgage Lender that you can trust and has a good track record of closing on time.

Be very cautious of using on-line lenders.
I prefer:

  • Local Lending
  • Local Decisions
  • Local People

If you are looking to purchase a home, I would be happy to help you out. I can also refer you to a local lender that will sit down with you to review your real estate needs and goals to help find you the best home loan.

Happy House Hunting!
Pam McCoy, Realtor(r)

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