Discover the "Secret" to a
Successful Fluid Mortgage Process
Having been in the mortgage business for as many years as I have, I've had the pleasure and opportunity to meet and work with many of Chicagoland's best real estate professionals ...
With some, the relationship goes back decades. I say "relationship", as over the years we've come to know each other well. I've gotten to know about spouses, kids, grandkids, pets, life situations, and more through our shared stories.
Subsequently, strong bonds and trust have been forged between us. Because of that, I've had the pleasure of working with many of my referral partner's family members. Those family members are entrusted to me because they trust and believe in me and my abilities.
Such was the case when I received a call from a young home buyer this summer. His mom, an agent I've worked with many times, has served the families of Joliet and Will County for well over 20 years.
She recommended that he call me when he decided to buy his first home. Having a mom with decades of experience in the real estate business has its advantages. Receipt of great referrals is just one.
This young man's home buying and financing process flew by quickly and smoothly. Proof of that fact lies in the timeframe of his purchase and mortgage processing:
- Early July - Home search conducted
- Selected home
- Home Contract Completed - July 18th
- Applied for loan (a VA Loan) - July 20th
- Completed Appraisal back from VA - July 27th
- Loan submitted to Underwriting - July 28th
- Underwriting Approval received - July 31st
- Underwriting Conditions of Termite Inspection and Re-Verifications addressed (required within 10 days of Closing)
- Clear to Close Received - August 8th
By August 8th, we were waiting for confirmation of a Closing Date to be received. Pretty Impressive!
- Earnest Money Deposit of $2,000
- Appraisal Fee of $425
- Real Estate Tax Proration from the Seller at Closing (Taxes paid in arrears in IL)
An additional plus: My borrower received a Lender Credit* from American Portfolio Mortgage Corp. ... and a check in the amount of $300+ back to him at the conclusion of his Closing.
(* In the case of this particular borrower, APMC was able to give a credit OFF Closing Costs based upon the market for interest rates at that rate, on that given day. In other words, interest rates were “in between” on the day the loan was locked so the borrower opted for the interest rate on which he would receive a “credit” as opposed to paying additional costs for the next lower 1/8% interest rate).
From beginning to end, this transaction went extremely well. The efficiency of the VA Appraiser, the quick turn-around of Mortgage Underwriting, the willingness of my young Borrower to listen, comply and respond quickly ... each element fell into place perfectly. Each contributed greatly to the fluidness and success of the transaction.
Upon his Closing, my borrower was the owner of a home he loved ... in the area in which he'd hoped to buy ... having received the mortgage financing that best fulfilled his needs. It doesn't get better than that.
Positive, happy-ending stories, such as my client's, need to be told. It proves that mortgage financing can be a fluid positive experience. A story and message too often left untold.
It also proves: The level of experience and knowledge of the professionals you choose to represent you matters greatly.
I understand that not everyone can reap the benefit of having a family member in the real estate or mortgage business. But all can reap the benefit from conducting a thorough search for a highly-qualified agent and Mortgage Originator.
The "Secret" to reaping a successful and fluid mortgage process is really no secret at all. If you take the time to make the effort to search for the best professionals available to you, my young borrower's positive experience can be yours.
Take the time. Make the effort. Reap good results ...
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