Here at Quicken Loans, even though we engineer our mortgage process to give us an average closing time of around thirty days or so for a typical loan, sometimes getting to a closing can take longer. If your closing is taking longer than thirty days to get to its finish line, should you be worried?
According to Quicken Loans Home Loan Expert Martha Richards, the answer is no. “There are many legitimate reasons for closing delays. But step one is to talk to your Mortgage Banker or Client Care Specialist if you’re feeling anxious,” says Martha. “In fact, it’s our job to proactively reach out to you frequently to let you know about what’s going on with your loan every step of the way.”
“One main reason for a closing delay has to do with the appraisal value of your home,” explains Martha. “If the appraisal comes in low, the file is assigned to one of our Solution Consultants and they have to work the file until it’s resolved. As Mortgage Bankers, we can’t work on suspended loans, so we have to wait for the Solution Consultant to resolve the appraisal issues and that can take some time.”
Challenges with the Title Work
According to Martha, title work can also cause a slowdown in the loan process. Life events like marriages and divorces can affect the title work, as can any liens against the property. The bottom line is that issues like appraisals and title often need time to be resolved accurately, and that time can translate to a later closing.
Basic Underwriting Issues
Underwriting is the part of the mortgage process when your lender evaluates your credit rating, your income statements, your employment history and all the other factors that determine if you qualify for a mortgage loan. It’s during this basic underwriting process when the lender needs to confirm your financial ability to buy a home. The lender wants to get this information right the first time so there are no issues later on, and sometimes that can take a little time.
What You Can Do
Just keep in touch with your Home Loan Expert and try not to worry if your closing is taking a little longer than expected. The good news is that taking the time to clear up any issues early in the loan process will lead to a smoother closing at the back end.
If you have any questions about closing or your mortgage process, feel free to contact the Quicken Loans Client Care team at ClientRelations@quickenloans.com.
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