How Federal Holidays Affect Mortgage Banking and Mortgage Process

How Federal Holidays Affect Mortgage Banking and Mortgage Process

Gustan Cho Associates are mortgage brokers licensed in 48 states

In this article, we will discuss and cover how federal holidays affect mortgage banking and the mortgage process of borrowers. We know there is nothing better than spending time with friends and family during the holidays. Memorial Day is a great holiday that helps kick off the summer. In this article, we will detail How Federal Holidays Affect Mortgage Banking And Mortgage Process.

How Federal Holidays Affect Mortgage Banking And VA Loans

As we approach Memorial Day 2022, it is important to remember why we have this holiday. Memorial Day sometimes called Decoration Day is a Federal holiday put in place to honor and remember the persons who have died while serving in the United States armed forces. This holiday originated in the years following the Civil War. Gustan Cho Associates honor our veterans in many ways. We offer VA mortgages without any LENDER OVERLAYS, participating programs such as HOMES FOR HEROES, and participate in local VA fundraising.

How Federal Holidays Affect Mortgage Banking: We Honor Our Borrowers By Working During Federal Holidays

Honoring Memorial Day For Our Heroes

Memorial Day is currently observed on the last Monday in May, which happens to be May 27th, 2022. Fun Fact; from the years 1868 to 1970, Memorial Day was observed on May 30th. Many Americans consider the unofficial start of the summer vacation season to be Memorial Day. Many pools and outdoor activities open for the summer on Memorial Day weekend. Did you know that at 3 PM local time on Memorial Day, a national moment of remembrance takes place? We ask you to take place at this moment to remember those who have sacrificed their lives for our freedom. How Federal Holidays Affect Mortgage Banking? Lenders are closed during Memorial Day Holidays in honor of veterans of our U.S. Armed Services.

How Federal Holidays Affect Mortgage Banking: Memorial Day Is The Peak Of The Home Buying Season

Memorial Day occurs during the busy season for the mortgage industry. As children finish their school year, many parents try to move during the summer months to help their kids get ready for the following school year in a different school district. Real estate inventory seems to be highest during the spring and early summer months. So we see in an uptick in buying and selling homes. This is a great time of year to be a buyer or a seller.

How Federal Holidays Affect Mortgage Banking: There is No Federal Holidays with the Team at Gustan Cho Associates

Memorial Day Weekend And How Federal Holidays Affect Mortgage Banking

How Federal Holidays Affect Mortgage Banking and Mortgage Process

How does Memorial Day affect the mortgage process? On Federal Banking Holidays, the Federal Reserve is closed. These Federal banking holidays will not count as a business day for your mortgage time frames. For example, Memorial Day will not count as one of your three business days after signing your closing disclosure before you can legally close on your loan. This can be tricky for refinances as well.

How Federal Holidays Affect Mortgage Banking: We Work During Federal Holidays

How Federal Holidays Affect Mortgage Banking Loans Process on Refinance

If you are refinancing your primary residence, there is a three-day right to rescission period after signing your loan documents. Federal holidays such as Memorial Day do not count for one of the three days for the loan to fund. For more information please see the CFBP WEBSITE. Federal banking holidays can be treated just like Sunday’s, which do not count as a business day in the mortgage industry.

How Federal Holidays Affect Mortgage Banking Process Throughout The Year

What other federal holidays affect the mortgage process in the same way? For the year 2022, the federal banking holidays are the following:

  • January 1st – New Year’s Day
  • January 21st – Martin Luther King’s Birthday
  • February 18 – George Washington’s Birthday
  • May 27th – Memorial Day
  • July 4th – Independence Day
  • September 2nd – Labor Day
  • October 14th – Christopher Columbus Day
  • November 11th – Veterans Day
  • November 28th – Thanksgiving Day
  • December 25th – Christmas Day

How Federal Holidays Affect Mortgage Banking: The Team at Gustan Cho Associates Works 7 Days a Week, Including Holidays

Mortgage Broker Licensed in Multiple States With Wholesale Lenders With No Overlays On VA Mortgages

We specialize in VA mortgages. During the Memorial Day weekend please remind any of your friends and family who are veterans that they may purchase a home without a down payment. The brave Americans who served our country are entitled to VA benefits. One of the best benefits we offer our veterans is a no down payment home loan. Many Veterans do not know the mortgage qualification. Not having LENDER OVERLAYS to get in the way, we are able to help more Veterans than most banks.

Over 75% of Our Borrowers at Gustan Cho Associates Are Folks Who Could Not Qualify at Other Lenders Due to Lender Overlays

If you know anyone who you think may qualify or if you have personally been turned down in the past, we encourage you to reach out to our team. please check out our reviews, those speak for themselves! If you have any questions about Federal banking holidays or any mortgage-related question is General, please contact Mike Gracz on (800) 900-8569 or text us for faster response. Or you can email Mike at gcho@gustancho.com. We are available seven days a week to answer your mortgage-related questions. We hope everybody has a fun and safe Memorial Day weekend while still remembering what this day is all about. Without the brave Heroes of our Armed Forces, we would not have the freedoms we enjoy every single day. Please keep that in mind and reach out to your veteran friends over Memorial Day.

How Federal Holidays Affect Mortgage Banking: APPLY TODAY!!!

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