Everyday in America, new home buyers and refinance folks miss their target close date because of their lender not processing or having their mortgage loan prepared in time for closing. If you are reading this, it is probably because you are worried about what is going to happen as it appears your loan is not coming together fast enough. Also, my 10yrs of experience would leave me to believe that you are also working with one of the major banks in America. At least 5-10 loans a year come to me from Realtors urging their clients to use me as they are already past or about to pass their closing date. I also hear stories all the time from folks that opted for what they thought was the easier/safe option…their current bank.
DO NOT FALL FOR IT! Just because you have been banking with a major lender or bank for 30 plus years, and maybe you have over $400,000 in investments with them, it does not mean they are going to treat you special. That is despite the mailer they sent you saying they would. Check out some of my testimonials and you’ll find a couple just like this that came to me and I closed them in 2 weeks where their bank had 45 days and still couldn’t get it done.
So, you are about to miss your closing date huh? The first thing you do is learn your lesson, and pay it forward by telling your friends. This way, maybe less Americans will fall victim to the nightmare you are going through. Honestly, there is nothing I or anyone can tell you that will help you know if the loan you are currently getting processed is going to close on time.
Here is what you do if you think it is best at this point to move to another lender that can be a HERO LENDER.
1. If you have all the documents that you have sent your current lender, get them together and send them to your HERO LENDER. I would love it if I was that lender. Click HERO LENDER if you want to send it to me. You can send them to me by email, or fax them…if you are local, I’ll come get them. If you don’t have copies already prepared, you might be able to ask your current lender to send you a copy of your file and everything that you have sent them.
2. In order to save some money and time, you can have your current lender transfer your current appraisal to your HERO LENDER. There is a process that has to be done on that, but it is much easier and faster than not doing it. You will need to write a letter or email to your current lender asking them to transfer it, and give them your HERO LENDER’S name.
Typically, it is pretty easy and quick for a “better” lender to take a loan on a ‘hero deal’ and get it done in a couple weeks, because the title work and appraisal is complete and just needs to be transferred…normally it takes 4-5 business days to get that done if it’s not already done. Transferring title is VERY quick and simple and when you forward the file to your new lender, the title information will be on your contract, so you don’t have to do anything. Lastly, you’ll give your lender the name and number to your preferred new home insurance company, and get going.
If you have questions, please feel free to call. You won’t ever feel obligated with me, because I’m obliged!