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Current Mortgage Rate

We have accumulated a number of lenders and loan officers with the knowledge and experience to get your loan application approved and your home closed.  Remember, when you sign a contract to purchase, the seller (bank) expects to close and fund on or before the agreed upon date stated on the contract to purchase.  Your failure to close, or the failure of your loan officer can cost you your earnest money deposit, and even an additional daily penalty called a per diem.  This is a non-refundable fine the bank charges you for any delays in closing caused by you or your lender.  

It is up to you to make lender aware of the penalties you will suffer by your or their failure to perform, such as missing a must close by date.  The bank has no duty to extend additional time for your lender to do their job.  From experience, we know for a fact that a loan can be approved and fund in less that 14 days.  So if your lender is still trying to get your loan approved after 35, 40 or 60 days or more, you need to get a different lender.

One of the biggest stumbling blocks we come across is the appraisal part of the mortgage process.  For some reason, either the buyer, or the loan officer does not make the appraiser and more importantly the underwriter aware of the true state and condition of the property.  Many times, if the former owners couldn't make the mortgage payment, the didn't maintain the property.  In some cases, they may have installed upgrades to the property at the last minute and them removed the upgrades prior to vacating at the time of eviction.

So if the home has no kitchen, bathroom, or furnace, well that's just how it is ad these homes are sold in an as-is condition.  You must be sure that your lender, not just the loan officer, but the appraiser and the underwriter understand that.  We all know it, and so must they.  Ordering a "drive by" appraisal is one way to get around interior conditions, but then exterior deferred maintenance, boarded up doors and windows can also present a problem.

One way to avoid these issues is by applying for a rehab, reconstruction or investor loan.  There are many to choose from and be aware that the usually come with slightly higher interest rates and closing costs.  The reason for this is threefold, often the loans are short term, so the bank never has an opportunity to earn interest. Secondly, the loan is higher risk, therefore more costly overall to the funding lender. Last but not least, you are buying an investment property, you are doing so to make a profit, and therefore the bank is going to make a profit on you as well.

The links to the left will educate you as to different loan type so you can determine which is most suitable for your specific circumstances.  Also, like car or homeowners insurance, be aware that closing costs are somewhat negotiable and may vary drastically from lender to lender, so a little shopping around may be good for you as long as the lender can perform the loan  type you need by you contract date.