GMAC is Taking Forever.

I am in the process of buying a house and the bank is taking for ever to approve and fund the mortgage. Everything is done; inspections, signed contracts, etc. My mortgage broker submitted the application nearly 3 weeks ago and we haven't heard anything. The issue is not whether we will get approved, but when. We already had to extend closing once because they are taking so long. My mortgage broker submitted to GMAC because they had the lowest rate, I will be getting a 4.75%, 30 year fixed rate mortgage. You can't beat that; but I am up against the clock, I have to be out of my town home by June 17.

It may be a buyers market, but it is just taking so long to get funding, very frustrating.