[Fourpar]

Hyacinth,

It is a matter of contract, actually. Regardless of the lender you use, the contract terms (between Buyer & Seller) are the same. And if it is a Villages contract form, the term mortgage or loan is not (at least it wasn't in 2007 when I bought) addressed at all. Now, there is a closing date on the contract, and that is when you agree to close. If you cannot, because of financing or other reasons, then it may be considered a breach, and there are penalties.

Again, on Villages contract form, it matters not a whit to them if you are borrowing the funds to purchase. So any lender you use had better be able to close...on time! And with reputable lenders, that isn't a problem. They know what they have to do and when. And unless there is a credit issue, or some other factors they need information or documentation on, it should not be a big deal.

If you shop (online particularly) about for the absolute lowest rate, I caution you to be sure you know who you are dealing with. Many of the online shops are 1 person shows and merely brokers as opposed to bankers. There is a big difference. Some are better than others, but its often hard to separate the good and not so good long distance. My advice is do business with who you know, and be very "questioning" about progress with loan application and underwriting.

Hope this helps, rather than adding more confusion to the mix...