Because of new Government Regulations implemented this year, turnaround time for lenders to close properties here in our local market has been pushed back to 30-45 days from accepted offer. In addition, lenders can no longer make contact with appraisals. They can only order an appraisal for which they have to go by a list and that is it. These new restrictions have been put into effect as a result of the credit crisis and rising mortgage delinquencies.

It’s smart to get preapproved before beginning your home search… By being preapproved you are more aware of what you can afford. In addition, it cuts down on disappointments by allowing you to see only houses in your price range versus getting your heart set on something that might be out of your range.