I received a call about 3 months ago from a previous client (we'll call him Joe) looking to get information on purchasing a home. The home is currently owned by his brother and sister in law, and the home has been in the family for several generations. My client wants to purchase the home from his brother, and keep the home in the family. I was also referred to his brother (we'll call him Bob) to give him information on selling the home to Joe and purchasing a new home. Bob has analysed this situation every which way possible. Over the last 3 months I have spoken with Joe and Bob dozens of times.
Late last week Bob called informed me that they have decided how they would like to accomplish the sale of his home to Joe. And oh by the way, we moved the closing date up on my purchase we are closing on August 24th. WHAT?!
I stepped into high gear for Joe and Bob. Bob will sell Joe the house with a 20% gift of equity. (Allowed only by a relative) Bob owes very little for the home currently and will still have more than enough to purchase his home putting down approximately 50%.
After completing the loan packages for both properties, Bob and wife were able to come into my office today to sign all documents. I explained the loan documents, crossed all the T's and dotted all the I's. Joe has over-nighted his paperwork it will arrive tomorrow.
The appraisals were ordered last week and arrived today. With any luck title will show up in the next day or two and we will close on Friday!
Searching programs, lenders, rates and closing costs is advisable and often recommended. Allowing your lender a few extra days to complete your financing is helpful. If you put off your financing until the last minute and need to close quickly, its important to work closely with your lender to make sure all paper work is together.
When gathering documents you should have the following available for your Mortgage Lender:
1. 2 recent paystubs
2. W2's for the last two years - or tax returns (business and personal for self employed)
3. Asset documentation - 2 months bank statements-all pages, recent 401K, IRA, Stock, Bond etc. statement
4. Purchase contract and sales contract if applicable
5. Insurance agent name and phone number
6. Attorney's name and phone number
7. Realtor's name and phone number
Having your paperwork together will help your mortgage lender to help you close on-time.
Analysing all options - FREE
Calling other Lenders - FREE
Getting your paperwork together for your lender - FREE
Working with the right Mortgage Consultant - PRICELESS!
Kim Murphy | 1st Advantage Mortgage
Providing home loans for Illinois for over 10 years
Including DuPage, Lake, Kane and Cook Counties
UPDATE...
*** Its Thursday, the closing packages are prepared and the closings are set - what a marathon! ***
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