You’ve found the perfect place, you have a motivated seller, and you can’t wait – you want to move yesterday!
Your lender is going to be thrilled for you and they will want everything to go smoothly. You will have a part in this. You’ve planned ahead, had a prequalification done, finances are in order – perfect. Let’s keep this moving in the right direction; lenders are faced with regulatory requirements that affect the timeline, very specific dates that have to be adhered to surrounding the Dodd Frank Act (learn more about the Dodd Frank Act by going to SEC.gov). These dates drive when you receive your application disclosures, how you receive them, when a lender can accept an application fee (if applicable), and when you can close to name a few. Just for the record this is for the consumer’s protection, which is always a good thing no matter how fussy it may seem. Since this regulatory requirement is an absolute there are some things to keep in mind when making your offer. You will want to check with your lender to see what their timeline is going to be – don’t short this period. Tips to consider:
If there is a delay in meeting the closing date or any contingency dates your realtor may need to write an “addendum” to the contract, extending those dates. This may be avoidable when considering your closing date up front.
