What is it called when lender has a limited number of times s/he can close instantly?

**USBlues19** · 11-10-2010, 01:14 PM

Hi, we are pretty close to closing on a house in Ohio. We were supposed to close on Friday, but just heard that we are still in under-writing, and they are pushing the closing back to Tuesday.

When we were shopping around for lenders, one that we didn't pick mentioned that he had the ability to use this "thing" that would allow us to basically close instantly. He said it was something you get each time you perfectly fill out a loan application or something.

I want to ask our lender if he has any of these "things" to use, but I'm not sure what they're called. Can anyone help??? Thanks.

**Greg** · 11-11-2010, 10:28 AM

You did the right thing by not going with the lender who promised instant closings. You probably saved yourself a lot of money and wasted time.

**Jonathan Radford** · 11-15-2010, 01:41 PM

Where can I get this "thing"?? I want the instant-close "thing" too! =P

Seriously though, the guy with the "thing" is probably just a broker with some very "liberal" moral standards (aka a salesman that has no problem telling you whatever he thinks may help him/her to push a sale, regardless of the truth of his/her statements). Be happy you didn't go with that broker and his/her "thing," and just deal with the process the same as the rest of us commoners not special enough to have that "thing."