Why Mortgages Are Taking Longer to Go Through


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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.



Very few lenders have been able to do the standard 30-day close.



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.

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