With mortgage rates are hovering near all-time lows, lots of Americans are taking advantage of refinance and home buying opportunities.
The downside of today's unexpectedly-low rates, though, is that mortgage lenders are ill-equipped for the rush of new business.
As a result, the process of underwriting and approving new mortgage applications is taking some conforming lenders as long as 2 months to complete.
This is double the time needed as recently as six months ago.
Because there may be 60 days between the application date and the closing date, it's important for applicants to remember that mortgage approvals can be revoked at any time prior to funding. Read More
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