Why does it take a few hours to finance a $100k auto loan, but 30+ days to finance a $100k mortgage?
In: Economics
If the mortgage loan processor, appraiser, and underwriter aren’t working on any other transactions it can go more quickly. But they are usually juggling a lot at one time a day they have to work your loan into the schedule with everyone else’s.
Also, buyers pay for the appraisal even if the deal doesn’t close, so we like to wait until after repair negotiations have been resolved before ordering the appraisal.
We like to set the closing date about 30 days out, but if you needed to close in 21 days it’s often possible to do so if the lender isn’t backed up.
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