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Christmas Is Coming – Keep An Eye On Bank Deadlines

christmas holidaysThings are different at this time of the year. Christian countries already press the celebratory button by now and workplaces start becoming hubs of holiday gossip.  However, though it might sound paradoxical, employees also start to work at a furious pace, in order to be free from work obligation when the Christmas festivities close in. Let me take you through how the finance industry behaves during this part of the year.

Employees work in full flow

If you could be invisible for a day, it would not be a bad effort to perch yourself on a high nest of a lending institution and follow the employees in full flow, clearing loan applications, passing them into queues (and still finding enough time to chat about the electrical fittings of their live Christmas tree).

Loan files queue up by early November

This is also the time when buyers and investors want to complete their property assignments and hence keep pushing the lending firms to clear their applications or process their loan files forward. This is why the volume of loan files always shoots up by early November and credit queues begin to form.

Staffs are forward deployed, ready to be punched into action, to finish the chores at hand. No messing with the holidays ahead! The image is of a nation on a high and not on weed, gentlemen!

Last date  for loan approval

This year, lenders are already sending bulk emails stating why 6th of December is the last day for loan approval, whether the applications are meant for refinancing or an outright property purchase.

Your suitable course of action

How should you respond to the bank deadlines? As a first, evade entering into any agreement which seeks a settlement between 20th of December and 7th of January. Budget for the fact that “what can go wrong will go wrong” even if the lending firms promise to work at double pace.

Extend the settlement dates of those contracts the obligations of which you cannot meet under any circumstances.

You will do good to be prepared with all the application forms and papers, not missing out on your side of formalities.

This being said, remember that we live hectic lives and this time is the only one marked for collective revelry. So you can take it easy. Drink your wine, without being pre-occupied in your mind and shower love on one and all without thinking of the lending rates.

Have you leafed through the settlement dates of your purchase contracts yet?