Why You're in Danger of Closing Delays (and how to avoid them)

Mortgage and Lending with EstaR Mortgage NMLS #241125


Closing delays are one of the many unintended consequences of recent government regulation.  Mortgage lenders are required to prepare a "Closing Disclosure" and adhere to the timelines illustrated below.  Any last-minute changes to your deal structure could cause delays of up to a week on purchase transactions, and up to two weeks on refinance transactions. Delays can be even longer if your transaction takes place anytime close to a federal holiday.




Here are five things you should consider doing in order to avoid unnecessary delays:

  1. Write a longer timeline into your purchase agreement so that you don't have to amend the purchase agreement later on.
  2. Make sure your purchase agreement is properly worded if you have seller concessions or seller-paid closing costs (last-minute changes will re-set the timelines back to the beginning).
  3. Lock your interest rate for a longer period of time because rate lock extensions are likely to trigger new disclosures and re-set the timelines back to the beginning.
  4. Schedule the inspection and the appraisal as early in the process as possible in order to give yourself and the seller enough time to make adjustments if necessary.
  5. Turn in your paperwork ASAP so that unforeseen issues don’t cause more delays.

As you can see, it's more important than ever for you to work with a skilled lender!  Please contact me for more details.


Chris Freck MBA CMPS
Chris Freck MBA CMPS
NMLS: 241125
EstaR Mortgage

(510) 463-1003
2413 Webb Avenue, Suite E,
Alameda, California 94501
Corporate NMLS: 1547521
Mutzig Managment, Inc dba EstaR Mortgage Licensed by the California Bureau of Real Estate, BRE License #2020370, State of Oregon Division of Financial Regulation Mortgage Lending License ML-5741 & Washington State Dept of Financial Institutions MB-1547521, NMLS#1547521. This material is not from HUD or FHA and has not been approved by HUD or a government agency.        

Comments (2)

Norma J. Elkins
Elite Realty Group - Morristown, TN
Realtor - Elkins Home Selling Team

Writing a longer date is a great idea.  You can always amend it to earlier.  Great list, thanks for sharing!

Jul 02, 2019 08:55 AM
Chris Freck
EstaR Mortgage - Alameda, CA
EstaR Mortgage, A Bilingual Brokerage

For more information, we can be reached at 510-463-1003



Thank you!

Jul 02, 2019 03:38 PM