Word: fresella
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...Lenders stop accepting lock-in guarantees while they are changing rates. And lately mortgage companies that typically update rates once a day have been adjusting them several times daily. "You quote people a rate, and by the time you can lock it in, it's expired," says broker James Fresella of Apollo Financial Services in Riverdale, N.J. "That's the trauma people have to face...
...loan processing isn't completed by the time the agreement expires. Unanticipated delays can crop up in a number of ways. For example, applicants may be slow to produce all required documents. "If you have bad credit or bad records, it's not the bank's fault," says Fresella. Sometimes, though, it is the bank's fault. Lenders bogged down with application backlogs may not be able to process paperwork quickly. Under those circumstances, lenders may offer to extend the deadline as long as 30 days. In some cases, for an additional fee, banks may even approve an extension...