Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
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.
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.
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.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.