An important aspect when researching the possibility of moving to another state is the fact that each state has their own way of handling a purchase transaction. That affects how title insurance is issued and then how closings are treated.
Are you looking at an attorney state? Are you looking at a non-attorney state? Are you in a state where the title insurance can be issued simultaneously? Is the title issued from both sides of the transaction?
These are all technical questions and I’m not going to take a deep dive into them. Police Mortgage has experts in answering these questions since we have the ability to offer police home loans through our parent company – the National Police FCU - in all 50 states.
We do a number of out-of-state loans, especially for retirees. Many just want to move to a place that is quieter. Tennessee is a popular state that is pretty easy to business in. New York is difficult. Florida is difficult.
It has to do with the local laws and procedures, much like an officer from the Chicago Police Department would find a different process with a law-enforcement agency in a different state. They process paperwork differently. They deal with the bad guys differently.
In Arizona, for example, there are some challenges when it comes to the real estate contract. When buying a property there you have to honor the closing date. Conversely, in Illinois it's not unheard of for the buyer and seller to decide to extend either the financing contingency or the closing date. It's no big deal. It's one attorney talking to another and creating an addendum. In Arizona, if you don't show up for that closing date, you're in default.
If you don't have financing by a certain date in Arizona, you're in default. There is no back and forth. You lose your earnest money and you're out the deal. Arizona is a hardcore state in that regard. As a buyer in Arizona, you have to make sure that you are organized and ready to go with the transaction. If you don't, and you're working with somebody who doesn't have the experience there, that is going to hurt you.
So, each state has their own way of handling the title. Police Mortgage understands which states present more of a challenge to buy a property than others. It’s all relative because some are easy on the front end but not easy on the back end and vice versa.
Given that Police Mortgage is headquartered in Chicago, I actually think our home state of Illinois is a very friendly state to do a mortgage. This is somewhat ironic given that it can be a difficult state to run a business in sometimes. I think Illinois is very fair with the way that they handle the entire real estate process. That allows us to handle a police home loan in our state very quickly and offer a positive experience.
Florida is a different ball game. Florida is a tough state to do business in. They're interested in protecting the consumer to a large degree and that creates some challenges with title issuance. There is a lot more work when it comes to closing.
Colorado is very similar to Illinois. This may be why Denver has the most transplanted Chicagoans of any other city in the country.
Tennessee is a good state to do business in. That's where a number of our members are heading.
However, Texas is a tough state to do business in. We close a number of transactions there so we know that's a very different market.
Bottom line, you need to do your research when moving to another state. You need to work with someone that has experience. Police Mortgage does many home loans for police around the country. So, we have that experience.
Police Mortgage specializes in conventional mortgages, purchase money transactions, FHA loans, and VA loans. Led by founder and CEO John Aretos, Police Mortgage is known and respected for providing clients with exceptional service, customized terms, quick and easy closings, and low money down options. To learn more about Police Mortgage, call 312-499-8878 or Connect with a Mortgage Expert.
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