Christopher Charbonnet

NMLS # 370097

985-888-1660

Chris@acemortgagela.com

Christopher Charbonnet Loan Originator

Navigate a Slow Mortgage As a Champ – Not a Victim

Navigate a Slow Mortgage As a Champ – Not a Victim

For a typical mortgage, it takes about a month to close. Unfortunately, that’s just the expected timeframe – for some closings, it could take longer. Maybe even much longer.

 let Ace take the stress out of your mortgage

In most instances, the reason for a closing delay isn’t necessarily the fault of the prospective home-owner. This lack of control can be frustrating, especially for those who are active problem-solvers.

In the event of a delay on your closing, don’t be a victim to the situation. Here are some ways to stay stress-free.

Handling the stress

If you’re like us, time is of the essence. You have a schedule to follow, and you expect various milestones to occur on time. For example, if you’re preparing pie for a family holiday dinner party, you expect it to be fully cooked by the time stated on the packaging.

Mortgage closings are similar. If you have life plans that depend on knowing the status of your mortgage – such as whether to renew your apartment lease or whether to take a new job offer – then you expect the mortgage to close in a reasonable timeframe.

Sadly, just like pies, sometimes there are delays that you can’t control. To the most of us, major delays are stressful and anxiety-provoking.

On our best days, handling a delayed mortgage closing – like any other major delay in life – taking the delay in stride and staying grounded are the adult way to approach it.

Be better informed

Knowing what’s causing the delay can help keep the anxiety at bay. Here are some of the common reasons why your mortgage closing is taking longer than usual.

Paperwork and investigation

Closing a mortgage depends on your financial viability as a home-owner. The lender will look into your credit history, employment, marital status, debts owed and a variety of other factors.

Some of this information is hosted by credit bureaus, previous employers and other sources of information – all with their own timetables and delays.

Problems with appraisals

If the home has been appraised lower than expected, your mortgage company will need to investigate. They want to make sure everything is in order, and disagreements can take a while to hash out – especially when it comes to the real value of a home.

Unforeseen life events

If you do have any life events or changes to your income during the mortgage closing process, it will almost certainly cause a delay in the mortgage closing.

While it’s easy to say “don’t make any major changes to your life,” some things in life don’t happen on your schedule. Control what you can and don’t beat yourself up over things you can’t control.

Let us help you

Of course, the best way you can handle something as stressful as a slow mortgage closing is getting help from those who have a lot of experience with various types of mortgages.

Let Ace Mortgage help you feel less stressed about this process by calling us at (985) 888-1660 to set up an appointment.