When purchasing a home. most buyers need assistance from a lending institution. Just like a buyer develops a relationship with a real estate agent. a buyer also develops a relationship with a lender. The role of theses key relationships cannot be underestimated.
When looking for a lender. buyers typically work with a bank (Bank of America. Boeing Credit Union. U. S, hudson bay canada goose womens jackets sales . Bank). or work with a private mortgage lender (Guild Mortgage. Seattle preferred Mortgage). A lot of buyers initially prefer the familiarity of walking into a bank with some people behind the counters. and a person at a desk purchase cheap canada goose ladies camo jacket . The person at the desk will put you in contact with their mortgage department in some other state. and thus the relationship ends before it starts cheap canada goose ladies camo jacket .
Before illustrating what can go wrong with a bank cheap canada goose ladies camo jacket sale . it’s important to understand how the real estate industry and market are paced. and how that affects your strategy to purchase cheap canada goose ladies camo jacket . In a seller’s market. which we are now in. a home can list in one day, canada goose parka outlet in toronto canada store online . and be under contract the next. The seller may have gotten one offer. but chances are they received a few. In order to make an offer, real canada goose laval . every buyer needs a letter of preapproval from a lender discount cheap canada goose ladies camo jacket . proving the lender will back them. Also. bear in mind that this letter might need to be created in the evening or on weekends after finding the home a buyer wants.
So how does te process break down when a banking institution is involved. A bank mortgage person is a salaried cheap canada goose ladies camo jacket . 9-5 employee. They prefer to not work weekends or evenings. There is not motivation to work outside office hours because it doesn’t affect them positively. It just takes them aware from their family and friends. after having spent all day at their desk. Seriously—who would cheap canada goose ladies camo jacket for sale . out of the generosity of the heart. stay into the evening and come in on weekends in order to create loans that don’t benefit them.
Here is a worst case scenario. Friday afternoon you spot an incredible new listing cheap replica canada goose chilliwack . You arrange to meet your agent at the house at 6. 30. You love it and you want to write an offer. You call your big bank lender and leave a message that you need a letter of pre-approval for ‘x’ amount. ASAP. They have left for the weekend. Days of anxiety pass by as you wait. and they don’t call. Their customer service line gets you nowhere because those people aren’t mortgage lenders and they can’t legally issue you a letter from your file. Finally. on Sunday you see the seller has accepted an offer (it probably got a few). and it is no longer available for sale. Monday afternoon. you hear back from your lender and they are ready to write your letter after playing the Monday morning catch-up.
Other problems. Most bank lenders are not licensed loan officers. They can’t quote loan packages. or discuss specific terms. Instead. they direct you to a website so they are not speaking out of their qualifications canada goose expedition parka women brown sales .
The deadlines of processing a loan during the contract are no less important than they are at the beginning. Ask your agent what it means when a buyer has to ‘waive his or her financing contingency’ because their loan was not processed within the financing contingency timeframe canada goose fur jacket on sale .
If two offers are close in terms canada goose montreal outlets . listing agents will often advise a seller to accept the loan from the private mortgage lender because they know private mortgage lenders are financially motivated to make it work. and their schedule is paced with the industry. they work the same custom hours as the agents. they are licensed. and they often have in house teams that process their loans seamlessly and effectively cheap canada goose ladies camo jacket . All of these factors ensure that you will not hit financing bumps. and let’s be honest–financing obstacles are some of the greatest challenges coming out of the wreckage of the last 4 years.
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