If your mortgage broker called and told you your closing has been delayed do not panic. Sometimes during the mortgage loan process situations arise that can set the process back a few days therefore delaying your mortgage closing.

Most mortgage closing delays happen because of something very simple like a pay-stub expiring, closing paperwork not being able to be prepared in time, title company or closing agent being delayed with other closings, bank or title companies computer system goes down, power goes out, etc... This is not a time to panic. Most of these delays are not because of anything major and they do happen even when you are working with great mortgage professionals. Some things are just out of everyone's control and sometimes simple problems occur. Therefore, just make sure that you and your mortgage agent are communicating with each other so that everyone knows and understands what is going on, why the closing has been delayed and when the new closing day and/or time will be.

Closing delays can occur for a variety of reasons; underwritig reveiw, appraisal review, company policy changes, program changes, etc. If you are working with a competent broker, your delay should be resolved within one week.

If your mortgage closing has been delayed with no good reason, contact your mortgage company representative and get an explanation. While in general mortgage closings are delayed for good reasons, if the explanation you receive does not sound legitimate you may be in a situation where the deal has fallen through and the broker is trying to buy time to find an alternative.

Even the most competent mortgage professionals experience delays in the loan process. An experienced Loan Officer will know to manage expectations properly.