{"id":18284,"date":"2020-12-29T12:44:26","date_gmt":"2020-12-29T12:44:26","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=18284"},"modified":"2020-12-29T12:44:26","modified_gmt":"2020-12-29T12:44:26","slug":"mortgages-are-taking-longer-to-close","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/mortgages-are-taking-longer-to-close\/","title":{"rendered":"Mortgages Are Taking Longer to Close"},"content":{"rendered":"

Mortgages Are Taking Longer to Close<\/h1>\n
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Mortgages are now taking an average of nearly two\u00a0months to close as lenders face a surge in business spurred by low mortgage rates and high demand.<\/p>\n

The average time it took a mortgage to close in November was 55 days, according to Ellie Mae\u2019s Origination Insight Report.<\/p>\n

The 55-day average wait is proving problematic for borrowers who might lock in their mortgage rate for a 30-day or 45-day period. The rate lock will hold a low mortgage rate for a specified time. But if it expires before a buyer closes, buyers could get stuck paying a higher interest rate on their mortgage or have to pay another fee to extend their rate lock, The Motley Fool reports.<\/p>\n

\u201cA big reason why mortgages have been delayed lately is volume,\u201d The Motley Fool reports. \u201cLow interest rates are fueling demand for new home purchases and refinances, and mortgage lenders are incredibly busy trying to keep up with everyone.\u201d<\/p>\n

Home buyers\u2019 anxiety levels could increase as the frustrating wait to close lengthens, but buyers likely can do little if a mortgage is delayed by a lender processing their loan. However, they could possibly jumpstart the process by making sure they respond to all the information the lender requests promptly and at the time of the application, The Motley Fool reports. The sooner they submit all the requested information, the quicker lenders can get to work processing the mortgage.<\/p>\n

The latest REALTORS\u00ae Confidence Index report<\/a> from November shows that 30% of contracts last month were delayed but did eventually reach settlement. The most common delays were related to obtaining financing, which contributed to about 26% of those instances.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Source:<\/div>\n
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\u201cThe Average Mortgage Now Takes Almost 2 Months to Close<\/a>,\u201d The Motley Fool (Dec. 26, 2020) and \u201cREALTORS\u00ae\u00a0Confidence Index: November 2020<\/a>,\u201d National Association of REALTORS\u00ae\u00a0(November 2020)<\/div>\n
\u00a9National Association of REALTORS\u00ae
\nReprinted with permission<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Mortgages Are Taking Longer to Close Mortgages are now taking an average of nearly two\u00a0months to close as lenders face a surge in business spurred by low mortgage rates and high demand. The average time it took a mortgage to close in November was 55 days, according to Ellie Mae\u2019s Origination Insight Report. The 55-day … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-18284","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nMortgages Are Taking Longer to Close - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.anthonydidonato.net\/wordpress\/mortgages-are-taking-longer-to-close\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/mortgages-are-taking-longer-to-close\\\/#article\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/mortgages-are-taking-longer-to-close\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Mortgages Are Taking Longer to Close\",\"datePublished\":\"2020-12-29T12:44:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/mortgages-are-taking-longer-to-close\\\/\"},\"wordCount\":316,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/mortgages-are-taking-longer-to-close\\\/\",\"url\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/mortgages-are-taking-longer-to-close\\\/\",\"name\":\"Mortgages Are Taking Longer to Close - 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