We can shout this from the mountaintops but no one seems to be listening!
The mortgage industry is overwhelmed with application volume. Not only are rates so low that many people are refinancing again, some for the third time, but purchase business is strong.
When putting together an offer to purchase all parties have to consider mortgage processing timelines. Yes, there are lenders out there promising the world, but we all know how that works.
This market requires truth in order to continue with the rebuilding of trust.
The truth is that appraisals are taking a minimum of two weeks and we anticipate that time line will only grow longer.
Assume four-to-six weeks for mortgage approvals if you want a smooth transaction with satisfied sellers and buyers.