LAKE CHARLES HOME BUYERS
CHOOSE YOUR LOAN SOURCE CAREFULLY
Getting to the closing table" is really a major achievement these days. Once a Lake Charles Home Buyer begins a home search, the Buyer usually becomes pre-approved with a local Lake Charles loan officer. First time home buyers may decide to just to to their local bank, after all that is who knows all about your money, right???
Local banks may or may not always be the best bet for the Lake Charles home buyer. It will depend on the type of loan and financing and every buyer's situation will be different. I have been keeping track of a pattern of closings with local banks vs. local Lake Charles mortgage companies and guess who is winning so far?? The Lake Charles Mortgage companies!
I just closed on a Sulphur LA home I had for sale. The contract was written February 9th and we just closed this week on May 16th!! That is four months to close on a house that was priced at $58,000!! Four months to close on a home with no issues is just ridiculous. Sellers and Buyers become frustrated in the process.
Some local banks are slow due to the "Board" only meeitng to review mortgage applications once a month. If you apply with a main bank you may be referred to a mortgage officer that is not even local!!! Big Banks with mortgage departments located outside of Lake Charles are difficult to communicate with. You can't just drop documents by the office or call the loan officer when you have a question. Banks are notorious for asking for extensions
If the property for sale is a HUD home, foreclosure or short sale, then expect a lengthy contract upfront going in--these scenarios have special circumstances. However when a local bank advises the Buyer they require a 60 day contract that is going to be hard for a Seller to accept when local Lake Charles mortgage companies are closing loans with 30 day turn-times.
The loan officer has their work cut out for them once they receive a contract on a property. With the low interest rates and peak buying season many banks and underwriters have become overloaded. Everyone who has a role involved in the home purchase process is busy including appraisers, inspectors and underwriters. The loan officer is already up against odds to meet a contract deadline with the clock ticking. A good loan officer will push to meet that date!
Be wise when choosing your Lake Charles Mortgage source and ask your loan officer questions upfront.
- How long will it take to close the loan
- Are there conditions that have to be met
- Any problems or red flags with loan application
- Are repairs needed that may hold the process up
- What type of financing? VA loans may require documents you need to obtain
- Do you have to obtain a IRS transcript
If you need a reference to a local Lake Charles Mortgage Company, check with your Realtor and ask for referrals.
Realtors should also keep Buyer/Seller in the loop and communicate. Don't let 30 days go by and wait until your contract date to ask for an Extension!
An Extension to the contract only causes the Sellers to become frustrated and paranoid especially when asked for more than one extension to the contract. Choose your Mortgage source wisely from the beginning and for goodness sake don't switch mid-contract!
For more information on Lake Charles Real Estate, visit my website. You can search homes for sale in Lake Charles, Louisiana, and view up to date information on Lake Charles Subdivisions, Neighborhoods
If you are planning a move to or from the Lake Charles, LA area, I can help! I am a full time Realtor licensed by the Louisiana Real Estate Commission and am affiliated with:
4410 Nelson Road, Lake Charles, LA, 70605 USA
337-478-1578 or 337-499-9592
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