decided to go with the lowest rate lender who was offering a 4% interest rate. Her offer got accepted and she completed her loan paperwork and put down her earnest money deposit. The interest rate wasn’t her only deciding factor. Personnel had been friendly and great at communication, making her feel very comfortable about the process. Until now. Suddenly, it seemed as though the entire bank loan department dropped off the map. A closing process that should have taken 30 days or less turned into several months of waiting. They ran her in circles until the seller told her, through their real estate agent, that the deal was over if she didn’t find another solution. Luckily, her real estate agent referred her to another lender and was able to help her to obtain another loan (although at a slightly higher interest) much more quickly. Had Alex used one of her realtors trusted lenders in the first place this problem would not have happened. Alex nearly lost the home she fell in love with. An interest rate is only as good as the check that is delivered at closing. If the loan is not handled properly and professionally one could not only lose the rate but also lose the home.
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In another case, Ron and Jenna were planning on upgrading to a new home. After a long search, they found it — or so they thought. A bright and colorful kitchen, open living and dining areas, three bathrooms, high ceilings, a fireplace, and even a covered porch made the home seem perfect for them. They were especially thrilled that the price was only $235,000. That was a steal. They signed the contract and were in the house
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