Once you are educated on how the loan process works, when a lender tells you, “Everything is okay. The loan is on track. We’re golden.” You can ask, “What does that really mean?” Mortgage lenders brushing off an agent’s inquiries is a thing that happens frequently. You’ve worked hard to make a deal work. You’ve engaged with the lender and done all that is asked for. You call for status and the lender tells you, “Yes, everything’s on track; all is fine.” But it really isn’t. The lender has not completed everything that needs to be done to make the sale a success. They are behind and you don’t know it. Without direct communication from them on their progress, how could you know? Furthermore, how would you know where the loan stands if you don’t even know how the loan process works in the first place? You could ask some questions, but how would you understand the answers? How would you even know what questions to ask?
Knowledge is the difference between being entirely dependent on another and having some control of the situation.
In response to an “everything is on track” statement from a lender, the educated real estate agent can respond with, “Okay, that’s great. Does that mean the loan is completely approved, and all the conditions have been met? Which conditions have been met, and which have not? Exactly what does ‘on track’ mean?”
Ask just that. Then shut up and wait. John Doe Lender will
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