Financing approval took 3 weeks longer than expected in Phoenix

I thought I had everything ready to go when I put an offer on a house in Phoenix last month. My lender kept asking for more documents like bank statements from accounts I barely use and tax forms from two years ago. It ended up taking 7 weeks total instead of the 4 weeks they promised at the start. The seller almost backed out because of the delay and I had to offer an extra $2,000 to keep the deal alive. Did anyone else get hit with surprise document requests that dragged their timeline out way past what they were told?

2 comments

2 Comments

quinn_nguyen15d ago

Real talk, I bet half those delays aren't even about you. Lenders in Phoenix are so swamped right now they're literally just making up reasons to push files down the stack.

rose_hart3115d ago

Nah, I'm pushing back on "making up reasons." If a lender's swamped they'd rather push a file through faster not slower - more closings means more commission for them. The delays I've seen in Phoenix have all been legit paperwork issues.