In today’s modern world where instant gratification rules, everything can be obtained so much faster than before. There’s fast food, drive thru services, same day delivery, and so much more. Mortgage has apparently joined the bandwagon and now there is also a thing called same day closing mortgage.

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Featured Rates

FIXED

LenderRateTerm
Mortgage Lendwise RateLendwise

2.39%

5-Year
Mortgage First National Bank RateFirst National Financial

2.69%

4-Year
Mortgage RMG RateRMG Mortgages

2.64%

3-Year
Mortgage Street Capital RateStreet Capital Bank

1.99%

2-Year
Mortgage TD Bank RateTD Bank

2.69%

1-Year

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TermRate
5-Year Variable

2.85%

3-Year Variable

3.10%

OTHER

TypeRate
Line of CreditStarting at

3.00%

Equity LoansStarting at

5.99%

Private MortgagesStarting at

5.99%

Why Using a Same Day Closing Mortgage Service May Not Be a Good Idea

Same day closing mortgage allows you to sell your property and at the same time use the money from the sale to buy another property so you get a new home instantly. In theory, it’s a good thing. You don’t have to wait for days before you can move in to your home, your money from the sale will not be used for unnecessary things, and only one process will be done to accomplish the selling of old property and buying new property. It’s a very convenient process. But that seems to be the only up-side to this arrangement.

Many experts, including lawyers and seasoned mortgage brokers, do not recommend same day closing of your mortgage. Here are some of the reasons:

 

  1. The timing is crucial – If the person buying your house does not get the money available on his account on time, the lawyer may also not have enough time to close the sale of your property. This will then result to you not being able to use that money to fund the new property you wish to buy. The seller of the new property can see this as a breach of trust and could pull back from the deal altogether.
  2. You will need to vacate your property without any guarantee that you have a new place to move into – this can happen sale has been finalized on your property but the property you want to buy still has some problems. You could be left without a home for some time.
  1. In expediting the process you could overlook a few things – in your haste to get the deed done, you may overlook legal clauses, property problems, and other things about buying the property. You may not have seen a clause in the contract on the day the contracts were signed and when you were able to look at it closely it turns out you do not agree to that clause.
  2. The fees you need to pay may be huge – with the quick transaction, the attorney’s fees, the broker’s fees, and all other fees may be bigger than if you process your mortgage the usual way, especially if you’re lending money from a private mortgage lender. This can set you back a huge amount. But if you really need that property fast, the amount to be paid in fees can easily be overlooked.
  3. Haste could sometimes make waste – when you rush into buying a property, you lose out on looking for a better prospect. You may also lose out on selling your property for a better price.

 

These are the risks that you take in order to obtain and sell a property in the fastest way possible. It’s not an ideal thing but some people find this process better than traditional buying and mortgage. Use the process that works for you, and if you have any questions or concerns, talk to your broker.

OUR CUSTOMERS LOVE US

My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Linderman Beadles
Linderman Beadles
06:16 26 Feb 18
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Gina Carroll
Gina Carroll
05:06 28 Feb 18
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Deane Laflamme
Deane Laflamme
04:40 27 Feb 18
My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Stephnie Boyles
Stephnie Boyles
13:59 15 Nov 17
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Billye Peralta
Billye Peralta
13:38 19 Nov 17
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Moore Hoover
Moore Hoover
02:25 16 Nov 17
We worked with Leon and he provided a thorough and a professional process in re-financing our mortgage. Communication was consistent, he was easy to reach and documents were processed quickly. Most importantly, we got a great rate that has us savings hundreds of dollars per month on our home. These guys really know what they're doing.
Melissa Brown
Melissa Brown
00:12 18 Jul 17
As third time home buyers we couldn't be happier with the service we got from Certified mortgage broker. The team did a great job working on our loan. Everything was fast, easy and transparent. Probably the best mortgage experience i’ve ever had.
Riley Clements
Riley Clements
15:27 20 Jul 17

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