Lender Delays & How to Avoid Them

So you’ve found your perfect home.  The paperwork has all been signed, everyone is excited, and then you get the news.   Your lender can’t process your mortgage loan application in the time you’ve allotted in the contract!

In a video put out by the Legal Department @ Texas Association of Realtors this is a real issue that concerns all parties to a real estate transaction.

As a buyer, when you are searching for a lender to assist you in purchasing your new home make sure you ask “What are your estimated turn times on the following:  (1) Processing (2) Underwriting (3) Conditions (4) Closing Docs".  Having accurate numbers is really important in a contract to purchase a home.  If you put a short time- frame in the contract to secure financing, you may put yourself in a bad position.  Example, if you place in your contract that you will be closing in 30 days but it takes your lender 45 days to secure financing on average.   You may find yourself in breach of contract!