This past weekend I worked with buyers who are relocating from Virginia. They got a mortgage pre-approval well in advance of their trip here. However, they ended-up buying a new home from a developer who offered a $3,900 discount if they would use the developer’s lender. Not only was the discount enticing, but the lender’s interest rate was as well.
The only glitch was that my buyers had left their financial documents back in Virginia since they had already provided them to the previous lender. This caused a 2-day delay in starting the process for the actual mortgage since they had to wait until after they flew back Monday evening to fax the new lender their documents.
So if you’re relocating to the Chicago area and a new home is a possibility, bring your financial documents when you come to look at homes. It may move your financing along a little faster.
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- Know What a Mortgage Preapproval is, Your Agent & Loan Officer May Not!
- Mortgage Rates Drop Sharply!
- Beware of Lenders Offering Better Deals if They Finance Your Purchase of Their Foreclosures
- How Your Mortgage Company Can Put Your Offer at Risk
