Mortgage closing guarantees are practically worthless

Photo: NancyHugoCKD.com

With late closings so common in real estate, a number of mortgage lenders are offering an on-time closing guarantee that promises borrowers cash if the loan closes late.

But these guarantees are full of loopholes that leave lenders plenty of wiggle room to get out of paying up on the pledge. Learn why mortgage closing guarantees are practically worthless in my latest Interest.com article.

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