How Long Will Purchases Take Now?

Posted Jul 29, 2009 @ 12:56 pm, Viewed by 157 Visitors, Read 158 Times.

With the new HERA laws now in place, you can expect home purchases to take 45-60 days.  Realtors should know this by now, and put contracts in accordingly.  Why are they taking longer.  Now there is a mandatory 5 day waiting period to order an appraisal after your intial loan application.  That sets everything back a minimum of 1 full work week.  Add to that the extended appraisal turn aroudn times, and your looking at 3-4 weeks before you even have an appraisal in hand.  On top of that, you still have to wait for an underwriting decision.  While the HEARA laws will help protect the consumer, they will also slow down the mortgage process.  As a borrower, all you can do is be prepared and make sure your mortgage broker, and real estate agent are up to date on the latest updates in the mortgage business.

 

Need more on HERA?

 

Need a loan officer familar with HERA changes?

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joshp975

joshp975 I've lived in the DC metro area my entire life; growing up in Montgomery County Maryland and attending the University of Maryland.  I now live in Arlington, Virginia.  Living all around the DC area has given me a great understanding of the real estate market.  After graduating from the University of Maryland, I worked as a loan officer in Gaithersburg for three years.  I then opened my own mortgage brokerage company, which I ran and operated successfully for several years before agreeing to a buyout by my partner.  Now, I have found a home at Choice Finance where I am able to grow professionally and better serve my clients. My experience has helped me refine my business techniques and find my niche in the FHA Jumbo Market.  It has also enabled many clients to take advantage of this program, which in turn lowered intrest rates and saved them money.  My combination of experience and know-how has lead me to become a great resource for my clients and enabled them to achieve their dream of homeownership. Read More

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