I just experienced something that I thought was worth mentioning. A transaction where I was representing the Seller which was supposed to close a couple days ago, kept being delayed again and again by the actions, inactions and innept processing of the mortgage loan by the buyers lender. While delay after delay was announced, the buyers furniture and personal possessions sat in their cars and on the moving truck as movers threatened to unload it in the street. Needless to say that this was not the joyful event that closing on a sale for a Buyer should be. It’s on, then it’s off…then it’s on maybe…then off…then on probably, etc, etc. Every one of us that had something to do with this closing paid the price while we were jerked around for days by the lender.
So two days late, the sale did finally close although the lender was inept all the way to the end, with the Title Company who closed the sale having to correct the lenders document mistakes while we all sat there at the closing table. The closing should have taken one hour max…and instead it was two and a half hours. But the final closing finally did close. Another sad part of this story was that I noticed the Buyers interest rate was over 8% on their note, and they were playing discount points too. Bad service and bad terms too, what a great combination.
All I can say is choose your lender wisely. The rates that I am seeing now from lenders I use are around 3.75% to 4.25% depending on if it’s a 15 or 30 year note. And their processing and service is perfect too.
Mortgage Rate Update – For a look at current mortgage interest rates, see Today’s Rates.
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