Quote:
Originally Posted by Hal :-)
We're down here now looking to purchase a discount new home in The Villages. We signed the agreement on Wed and closing is scheduled for Jan 7. We thought we'd like to interest rate shop and checked with a couple of banks and they were unable to close so quickly. It seems the closing window is so short deliberately to funnel activity to the Family bank, Citizens......I understand the 30 days is standard, but it seems particularly tight with the holidays.
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Every time I see the title of this thread starting with "Perils", I think of how misleading this is to people up north who would LOVE to get out of the frozen tundra for good, and finally enjoy life year-round in TV. Our purchase of a home here could not have been easier and we used Citizens for our mortgage.
Going back to what started this, I think the problem is rooted in the writer signing a contract to purchase, and THEN going shopping for interest rates and then finding out when the banks could close.
We found the perfect place, and then we met with Citizens First Mortgage to get
Pre-Qualified for the loan, and THEN we signed the contract to buy. We closed 30 days later by overnight mailing of the documents to us, and it's the best thing we've ever done.
I can't imagine signing a contract to buy something over $200,000 (or even over $2,000 for that matter) without making sure I had either the cash or a loan pre-qualification in place to pay for it.