Podcast: Why are loans taking longer?
August 3, 2009
It's a waiting game…
If you're in the middle of a real estate transaction, you don't need me to tell you that mortgage loans are becoming difficult to get pushed through, even after the buyer is “pre-approved” for a loan. There are two primary reasons why this is happening:
- New appraisal laws.
- Tightened guidelines for loan underwriters.
The can result in delay that can range from several days to weeks for the final approval of a home loan. This means that the planned escrow close dates are being delayed, which frays the nerves of both the buyers and the sellers (and the agents!)
For more information on why this happening, click the “Play Now” link below to check out the White Oaks Blog Podcast:
(If you'd like to download this podcast, simply click on the Podcast icon at the top of the post.)