Tuesday, October 16, 2012

Home Loan waiting period: How long?

Waiting for final approval on your conventional home purchase loan, refinancing loan, or FHA loan in Los Angeles is always difficult. The technical period of time designated for this is 30 days, but it can stretch longer than that particularly with the purchase of a home, for reasons Bill Rayman explains in this short video. 
Timing is everything in buying your home, and this hurry-up-and-wait process can be a source of real anxiety for the buyer. In this video, Bill explains what might cause your waiting period to be longer, and allays some common concerns about this. 
In California in particular, inventory of lower-priced homes has been drastically reduced due to high competition, as reported by the Los Angeles Times on Friday. This high competition can make waiting periods more stressful for buyers in this market, who may have a hard time finding an affordable home even if they qualify for a loans.