I have watched the show House Hunters and see people who live in a different state buy a house in another state. I live in Florida now, but will buy a house in Chicago. I don't want to have to quit my job in Florida that I have had for the two years , to qualify for financing and have to look for another job in Chicago. Where do I look for a mortgage company at, Chicago or Florida, or does it matter? And what about the lawyers and title company, should I get one in Chicago or Florida?
Each state is different as some use agents, etc. Your question actually has multiple questions in it.
First for mortgages: First you don't have to quit your job and there are many companies that do loans in multiple states. It is very easy actually. Before you do anything, find a couple loan companies that do both Florida and Illinios and shop a bit. Some of the big companies are Wells, Countrywide, etc.
I am confused about the job aspect, but if this is a work related move, your company probably has a relocation company.
Lastly, depending on your Florida home (are you selling, do you own it outright, which will be an investment home)? All these will determine your loan package, rate etc. Share all of this with the loan company or you are handicapping both you and them.
Next, find an agent / broker in Chicago. Let them deal with the title and such. Get a local to help you there, that is part of their job. You should just worry about viewing homes and finding what you need.
I am a broker in So. Calif and I know agents in the Chicago area. Feel free to visit http://www.stefanwest.com/ for real estate directory links for agents in other parts of the country as well. I have links to several excellent directories as well as my own I am forming.
Goodluck!
June 29th, 2007 at 8:53 pm
If you work with a mortgage banker, like myself. We are licensed in 45 states and do loans like this all time
References :
June 29th, 2007 at 8:56 pm
May I advise you it really is not a good idea to do any of that. You can not control what is going one a thousand miles away, and you lose sleep, money, and you could only have heart ache. Be careful what they try to sell you into on those TV programs. Can't you invest in your own community?
References :
June 29th, 2007 at 9:01 pm
Each state is different as some use agents, etc. Your question actually has multiple questions in it.
First for mortgages: First you don't have to quit your job and there are many companies that do loans in multiple states. It is very easy actually. Before you do anything, find a couple loan companies that do both Florida and Illinios and shop a bit. Some of the big companies are Wells, Countrywide, etc.
I am confused about the job aspect, but if this is a work related move, your company probably has a relocation company.
Lastly, depending on your Florida home (are you selling, do you own it outright, which will be an investment home)? All these will determine your loan package, rate etc. Share all of this with the loan company or you are handicapping both you and them.
Next, find an agent / broker in Chicago. Let them deal with the title and such. Get a local to help you there, that is part of their job. You should just worry about viewing homes and finding what you need.
I am a broker in So. Calif and I know agents in the Chicago area. Feel free to visit http://www.stefanwest.com/ for real estate directory links for agents in other parts of the country as well. I have links to several excellent directories as well as my own I am forming.
Goodluck!
References :
June 30th, 2007 at 12:04 am
Simple. The home in Chicago will have to be either a second (vacation) home or an investment property, for mortgage qualifying purposes. You don't need to live/work there. Look for a national lender like Julie at http://primelendingonline.com. The title company will be in Chicago, but you can do a mail-out closing so you don't even need to go there for that. Good luck!
References :
http://primelendingonline.com