Mortgage Financing And The Holidays
“Getting A Mortgage In Place After The Middle Of December Is Likely Going To Be Delayed”
One thing about the Christmas season and the financial markets is that not a lot of anything happens after the middle of December. Sure, people are still looking for financing and mortgage applications are being made, but there is little chance that anything is going to get completed before the first or second week of January.
Once the season kicks into gear, there is likely going to be someone key to a mortgage process that is going to go missing for a period of time, which will end up delaying the completion of the residential mortgage process. Either the lawyer is in Florida or the lender is working with a skeleton crew or everyone in general has geared down their efforts due to the many distractions of the season.
Hopefully you won’t have a critical closing date in the next couple of weeks and if you do you would be well advised to get an extension in place as soon as possible. While there is always the chance that everything will somehow get done on time, Christmas miracles in the mortgage business are likely going to be less common than in other parts of everyday life, or at least you would think so.
If at all possible, now is the time to take advantage of the spending time with loved ones and partaking in all the Christmas activities available to you at this time of year. Getting any type of business done between Christmas and New Years or even the first week of January is likely going to be a struggle until the majority of people return to their jobs and get settled back into their daily routes.
To all our clients, lender relationships, and business colleges, we wish you all the best of the season and look forward to working together with all of you in the coming year.
2011 appears to be full of promise on many fronts and the mortgage market is no different. But like I mentioned earlier, not a whole lot is going to get done between now (Christmas Eve) and the second week of January, so try your best to reduce any money related stress and find some time to enjoy the season and those closest to you.
In any event, I wish you all a Very Merry Christmas and a Happy New Year.
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About the Author Joe Walsh
I'm a Toronto Mortgage Broker that arranges mortgage solutions on residential and commercial real estate property. With over 30 years of mortgage financing experience, I'm able to quickly assess your financing requirements and provide relevant solutions for your immediate consideration. Joe Walsh Google+ YouTube Channel