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Assisting to the process

Throughout the finance approval process, you may be asked to provide additional information, you need to understand that the mortgage will stop being processed until you can supply that information. Getting finance approval is a battle of hours and days, the sooner you can get the information to your lender or finance broker, the sooner the file can be picked up and looked at again. Sometimes the information the lenders request won't seem relevant or important, but unfortunately lending institutions can't often be negotiated with, all you can do at the end of the day is what they ask, as quickly as possible or change lender, though changing lender may present another more challenging set of circumstances.

If you see that you are starting to run out of time to gain finance approval, the most important thing you can do is to communicate this to the selling agent. You will be stretching the friendship and jeopardizing your deal if you leave trying to get a finance extension to the last minute. If you are using a finance broker, they should be in regular communication with the selling agent and yourself, assuring all parties are informed with no unexpected surprises. A finance extension on your contract is a small variation, signed by both parties that can give you more time to attain finance approval. If your deal is pending further information or a valuation, you should have documented proof of this from the lender, it always pays to forward this along with your request for more time, it will help set the mind of the agent at ease, also it will make his negotiating the extension with the sellers easier, giving them some further security the deal is a good chance of going through.

Nothing can slow a deal or jeopardize it more than poor communication, if all parties on all sides of the transaction are well informed, the chance of anyone getting nasty surprises is greatly diminished. Though you aren't dealing direct with the vendor, good honest open communication will still allow you to establish a good rapport with them, you never know you may need them to help you out before the end of the transaction.

 
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