One of the things I didn’t
quite understand when I started the whole mortgage loan application
thing was why the closing date was so often 30 days out. Or sometimes
longer. Now I know why. From pre-approval or pre-qualification to the
closing date, you might need to come up with more documentation. And
you have to leave time for the appraisal (no home mortgage loan is
approved without an appraisal).

The closing date is
important, because this is all the time you have to get your funding
together (including the down payment for the loan, or any points or
closing costs you pay out of pocket). It also means that once the
date passes, the seller can keep your earnest money (if any) and
search for another buyer for the house.

Happily, it is possible to
extend your closing date. If it looks like you might need more time
(say an income audit is turning nasty), you can actually go to your
seller and ask for an extension. If the seller agrees, then you have
just bought yourself a little more time.

(Post by Miranda Marquit)