Despite tons of efforts exerted to close house or property sales deals, many lenders are still falling short of successful deals. One problem associated with this is that some lenders simply forget to promptly send in closing documents to the titling agency or to the lawyer tasked on the property sale. The closing documents should be reviewed at least 24 hours in advance before closing the deal. There are lenders who fail to realize the importance of time such that they usually sent the closing documents hours or some few minuets before the closing. Give borrowers adequate time to review the stipulations of the closing documents.
Sometimes, lenders fail to close deals simply because of non-matching figures reflected on the quotations given and on the closing documents. There are cases when borrowers get shocked over big differences. As a wise move on the side of the borrowers, elaborate review of the closing document should be performed with focus on important figures such as the total loan amount, the interest rates, and the principals. Be sure that these figures are what have been agreed upon before the loan was put on final. Estimates can be far different from the actual figures reflected.
Delays can also occur even if a single document requested by the lender appears to be missing. This may be a loan document that was missed out on the processing of the loan. It may be the fault of the lender who forget to request the document or it could be somewhere in the part of loans processor where the document might get stuck after necessary requests has been made. The borrower may also have some part on missing documents as some of them would not be released without their signatures affixed. Missing data on document can have intricate effects on closing delays. Lenders must always assist their clients in securing all sorts of documents.
Closing hardships are sometimes dependent on the borrower qualifications that are being imposed by the lenders themselves. The credit history, assets, and income must fall within the satisfactory rate set forth by the lender for approvals.
Above all these, lenders are getting difficulty closing deals due to the stiff competition among lenders, presence of many short sale buyers, second thoughts by clients, and other unforeseen events.
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