Having problems with our lender
Why do I feel like our lender is not giving us the best shot to buy a home? We found a home, put in an offer, the owner accepted the next day and we sent our lender everything. We are applying for an FHA in NY. We sent all the documents needed but it has been 20 days and our loan hasn’t been approved yet. We make good income and DTI is low. We love the home and we’re worried that the owner will pull out if we don’t get this loan approved soon. Any thoughts? by moonlapse908 from Chestertown, New York. Feb 1st 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
The company that supplies mortgage software to a major portion of the lending industry tracks all sorts of data, including the average time to close a mortgage loan. I just read that for January 2022, the national average was 49 days, down for 58 days in January 2021. So 20-days is well within very normal timelines. Any good Loan Officer would have set proper expectations with you, and would be happy to answer any questions you have. Lot's of lenders do a very poor job of communications, and seems like you are working with one of them. Just call your Loan Officer to ask the status. I lend for properties in MN WI IA SD ND. Find me at JoeMetzler.com, NMLS 274132.
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