As a lender I get the same 3 questions asked in the same order.
1) What are your rates
2) What are your closing costs?
3) Can you close my loan on time?
The questions themselves are fine as they need to be asked. However it is the order of the questions that baffle me. Here is what I mean.
Lets say a lender offers you a great rate and the lowest closing costs in town. Beats everyone you have shopped him against. The loan has to close in 25 days or there is a $100 per day penalty assesed by the seller. If the lender can not close that loan on time (if at all), those low rates and closing cost did not mean anything.
There are still lenders without looking at a persons full situation promising they can close loans on time. Their underwriters are in one state and the loan originator is in another. Granite the average closing timeframe is about 25 days, and in most cases that is all that is needed. However there are some lenders that are taking between 45 - 60 days to close a purchase loan and they are not meeting the closing dates per the real estate contract.
Has the closing date become a thing of the past?
My goal with every client is not only to give them a great rate and low closing costs (only a $399 bank fee) but to close that loan on time or early!
What are your thoughts???
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