Blog Category: mortgage process

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Client: Why do you wait until the last minute to ask us for this stuff? Loan Officer: Why do you wait until the last minute to give it to us?

I have heard so many people ask why we wait until the last minute to ask them for certain documents for a loan approval. I have a few answers. Mostly it is because many times the mortgage borrower has waited until the last minute to give it to us! Fannie Mae requires certain documents, that get underwritten, that many times yield more paperwork needed. And do you know what happens when you submit last-minute document requests? You get last-minute answers. And there is nothing more frustrating than Read More

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Contingent Liabilities Counting Against A Mortgage

Contingent liabilities are potential liabilities. For example, if a parent guarantees a child’s car loan, the parent has a contingent liability. If the child makes the car payments and pays off the loan, the parent will have no liability. If the child does not make the payments, the parent will have a liability. The same scenario would hold when one party co-signs a mortgage for another party. Having a liability like this show up on your credit report can count against you when qualifying for a mortgage. This is the case even if the Read More

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Getting A Mortgage? Freeze, Don’t Move!

The mortgage process is not easy. I have had far too many transactions blow up completely or get delayed because the client makes a financial move that they should not during the transaction. Mortgage borrowers should keep all finances static for the two months prior to buying, as well as during the transaction. Consult your loan officer before any financial changes. Read More

Loan Transaction Checklist

The below is what a mortgage borrower should know about the steps in a mortgage process and what is expected of them when applying for a mortgage. The turn times and ability of the mortgage lender to execute these steps below will vary according to lender capacity and client deadlines.

Mortgage Loan Transaction Checklist

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Make It Go Faster!

We all want things to go faster. We wanted communication to go faster, so a phone was invented. Then email and the internet were invented. We wanted cooking to go faster, and someone invented the microwave. We wanted travel to go faster, and the car was invented. And then the plane. What is next?! In all my years in the mortgage business, it seems we still can’t make the mortgage transaction go a lot faster. Why can’t we get a mortgage done in a few days, or a week? Read More

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Mortgage Interest Rate Lock-In Information

You would think locking-in an interest rate for your mortgage is a very simple process. What is there to think about? You are given your choices, and you pick one and lock-in. Right? Not much to it?! It’s amazing what the average consumer doesn’t know, and what they should be thinking about. Read below to learn about what will be important for your next mortgage application and interest rate lock-in. Read More

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Pool Tables, Patio Furniture and Chandeliers Have No Value?

When a buyer and seller are negotiating over the sale of a home sometimes the buyer indicates they would like to have certain personal property from the home. The seller is OK with that either due to not wanting those items, or wanting the buyer to have them to help facilitate the sale.

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Top 15 Questions to Ask a Lender or Broker Before You Apply for a Mortgage Loan

It may seem odd that someone in the mortgage business wants to discuss how to help consumers find the best mortgage lenders. People search for mortgage providers every day without the benefit of professional help. So, I figured why not help people whether they find their way to me or someone else? Below I’ve listed the most important mortgage questions that you need to ask before you apply for a mortgage loan. Read More