Last October, the Dodd-Frank ruling finally went into effect and changed a lot of rules for mortgage lending. It doubled, maybe tripled the workload of lenders behind-the-scenes, so lately we’ve run into frequent delayed and extended closings.
Today I just wanted to alert everyone to this problem and remind them that, when you write an offer in this market, it’s prudent to be pre-approved. You’ll want to get this up-front before you start looking so you can make an offer right away to get the process moving on quickly.
Write your closing date out into the future, around 35-45 days. With the recent changes, very few lenders have been able to do the standard 30-day close with these new rules and regulations.
If you have any questions for me, please reach out and give me a call or send me an email. I would be happy to hear from you.