If you’ve thought of refinancing your current mortgage recently or made the decision to purchase a home - you may have noticed that it’s taking a wee bit longer than you’d like to close. Why?
Well, unless you’ve been living in a cave without internet, television and radio access, you might’ve heard the housing market hasn’t been so hot the past couple of years. Oh yeah, and mortgage companies have failed left and right. And left again.
As a result, many mortgage professionals left the business. Now that interest rates are at or below 5%, many families are jumping on the refinance or purchase bus and flooding those still in the mortgage business with applications. As a result, it’s taking longer to process all the paperwork.
Don’t be surprised if you’re purchasing a home if your real estate agent recommends you allow 45 - 60 days for the home to close as a result.
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