Christmas shopping isn’t the only thing that happens at the last moment


As a mortgage broker it seems over the past few years that more people come to us at the 11th hour needing money at the last possible moment.  I remember when I first started brokering and the amount of lead time that was available for most deals.  Three to six weeks was a normal timeframe to get a deal packaged, approved and funded.  These days it seems like three to six days is a normal timeframe for getting a deal funded and completed.   Borrowers need money quickly and seem to have less time for wasting time.  If you find yourself in this position, here are some things to keep in mind as you go out and hunt for money:

  1. Make sure you know what questions a bank or lender is going to ask and have answers ready
  2. Have your paperwork and details together so that a bank or lender can see everything in one glance without having to continue to ask for missing pieces
  3. Know your math and what you can afford based on today’s interest rates and approval criteria

If you are not sure how to do this there are many people like brokers and specialists that can help (including Bridge Capital) or you can use online tools like the one we support – www.mlenowca – which was designed specifically to help borrowers get prepared and put a package together before talking with banks and lenders.

It’s alright if you need money at the last moment but make sure you are prepared because the more unprepared you are, the longer it will take.

“Before anything else, preparation is the key to success.” – Alexander Graham Bell

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