What can be done to make you more comfortable and ensure that you will get your loan closed?
You are in the process of buying a home or refinancing your current mortgage and all the news about Countrywide and other Lenders in trouble is making you wonder if the lender who is processing your loan application or has already approved it will be in business by the end of escrow. What can be done to make you more comfortable and ensure that you will get your loan closed?
This lender crisis is effecting most lenders and banks but not all of them. There is really no reason to believe that if your loan is full documentation with high credit and for an amount under $417,000 that you will run into a roadblock. This type of loan is called Conforming and conforming loans are always easier to close. If your loan is more challenging due to credit, income or other issues, then you might want to do some research.
This is one definite case of when working with a Mortgage Broker is extremely advantageous. A good Mortgage Broker will have resources at his/her disposal and relationships with multiple lenders. Your broker has already researched your loan with all of their lenders anyway so going back to his/her notes for a different option should be fairly stress-free for all parties.