Lender Labyrinth
As I write this today, I am still spinning form the news that my Buyer’s loan is still not clear to close. Please note, the original closing date was this past Wednesday. My Buyers were promised by their lender that the appraisal was good and everything was in order in early July. Then, they received a call around July 20th, the appraisal was rejected by the underwriter. Not to worry they were told, we still have plenty of time before August 4th rolls around. Well, time continued to slip away, and a different investor was pursued by their mortgage broker. This company promised to have things in order with a clear to close by the 4th. This would push our closing out a few days to the 9th, but not beyond. Which brings us to the call I just made to the lender. No closing on the 9th. No closing on the horizon at this point. Not only are my buyers left in a whirlwind of emotions, but the 4 other families that are somehow related to this transaction are left spinning as well.
What is the point of this story? Well, it’s simple: when choosing a lender use care and ask questions. Ask your Realtor, friends & family if they have heard of this company. Check the BBB for complaints. Just because a company has been is business for a long time, doesn’t mean they aren’t struggling. Ask them for references - recent closings - find out from those customers how things went. And finally, ALWAYS get a 2nd opinion! Buying a home is often the largest investment of our lives, it doesn’t hurt to have a back-up plan. There are hundreds of lenders out there, don’t leave things to chance.
As full-time Realtors, we have a team of reliable lenders available.
Contact us today, and take advantage of today’s amazingly low rates. You could be in your new home, or refinance your existing home, before you know it! Check out our website, then give us a call!
Posted by: 
Colleen Kuchta
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Tagged with buyer's loan, greater milwaukee, realtor, reliable lenders, trouble closing |
