As told by Clark Stride, Mortgage Broker at Innovative Mortgage Solutions.
I was recently contacted by a Realtor® about a current client of his with an extremely time sensitive dilemma. I received a call from the Realtor® on Monday morning and his client was scheduled to fly out that evening for work. The client was supposed to have taken possession of his home before leaving that day, only to find out that the mortgage had not been finalized by his current Broker.
Fortunately, the client was able to make it in to our office to meet with me that afternoon before leaving town. I gathered the necessary details about his application and submitted the deal immediately to the Lender, explaining the situation and that we needed an approval as soon as possible. The client left Monday evening and we had a full mortgage approval for him just two days later on Wednesday of that week.
When the client returned to town the next week, we met to sign the paperwork and he was able to take possession of his home the next day.
This client was at serious risk of losing his new home in this situation, and although he didn’t, it was still completely unacceptable that he was not made aware of the situation until very day he was supposed to take possession of his home. Communication is essential when it comes to such an important milestone - which is why we strive to keep you updated on the process along the way so you are not left wondering.