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At these market prices, I cannot see anyone being turned away.
My only confusion is why it's taking so long if a gazillion people are lined up with checks in hand (or mortgage pre-qualifications?)
Something is not adding up here.
Chase & Citibank are the preferred lenders if you want the deal with a mortgage contingency. It is in the offering plan. If you don't use Chase or Citibank, then you are still required to close (i.e. no loan financing contingency).
My lawyer has said this regarding non-preferred lenders:
"The thing is, Chase and Citi have both now cleared the building for closings, i.e., approved the building internally to make loans. If another bank can say that won't be an issue for them then you can go ahead and use them, but you need to ask that question to make sure it won't be a problem down the road"
Bobby, I got 3.0% from Chase w/SONYMA good for 240 days.
Chanti924, thanks for the info. Did Dave offer 3.0% or did you have to negotiate that rate? How long did the process take?
I was waiting to hear back from Dave, I heard he was away after the storm so I started soliciting mortgages from other banks. I have to admit, no one quoted 3%. So perhaps I should give Chase a try again.
Thanks,
BOBBY
Last edited by FP10029; 11-16-2012 at 12:43 AM..
Reason: spelling
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