Mike Hammel, a mortgage broker with C2 Financial Corporation, shared a list of 83 ways you may hit turbulence on the road to homeownership. Here are just a few....
- Buyers not telling the truth on loan applications
- Late payments showing on Buyer credit report
- Buyers make a large purchase on credit prior to closing
- Seller is unable to clear liens on the property
- Buyer loses job prior to closing
- Appraised value is lower than purchase price
- Inspectors or appraiser are not available as soon as needed
- Seller needs more time to move out delaying the close date
When obtaining financing for purchasing a home, selecting the right lender is just as important as selecting the right Realtor. Look for a lender:
- Who is local to your market
- Has great communication skills - with you, your agent and the cooperative agent, and the title/escrow officer
- Has a great relationship with the lender's processing and underwriting departments
- Is creative in removing contingencies when needed and possible, and
- Has your best interests in mind while working with you on your home purchase.