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Old 07-06-2016, 09:27 PM
 
Location: MID ATLANTIC
8,666 posts, read 22,853,798 times
Reputation: 10490

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Everyone needs to be aware with the lower rates, lender call volume is up sharply with refinance calls and applications. I am seeing the signs of the storm about to hit. Wells Fargo has already announced refi's must use 90 day locks. It's not going to be long before appraisers start cutting various AMCs off from new orders.....or prices sky-rocket. Then, a little bump up on rates and the panic follows. Then, without warning, lenders increase their rates to slow down the train. Right now, there's breathing room, but procrastinators, beware, ask yourself what are you waiting for?

If you are looking to buy, get in now for a full pre-approval, before underwriting turn-time get ridiculous. I hope I am wrong.....but I've been down this road before.
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Old 07-13-2016, 08:53 AM
 
280 posts, read 249,545 times
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So someone explain why is takes so long to get a loan? If you are doing an 80/20 I think most of the risk is out of the loan as it is backed by a physical asset.
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Old 07-13-2016, 09:50 AM
 
Location: Scottsdale, AZ
2,151 posts, read 5,157,868 times
Reputation: 3303
Quote:
Originally Posted by BizrulesSD View Post
So someone explain why is takes so long to get a loan? If you are doing an 80/20 I think most of the risk is out of the loan as it is backed by a physical asset.
Because there are a gazillion rules, regulations and waiting periods that lenders must follow. It is called "red tape". Some lenders are better than others, but they all need to complete every step.
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