Wouldn't Give that Buyer a Wooden Nickel - Mortgage Loans. I have no wooden nickels but why am I having such trouble for a great 
buyer (great credit) to close a loan?! It can be a LONG mortgage process when a buyer only supplies what they want to give the lender and does not understand the 'full disclosure' route.
When dealing with a buyer who may have only owned a business for less than a couple of years, the double drill down from the mortgage underwriters is tough! Every 't' that is not crossed right, every 'a' that looks like an 'o' must be corrected and even how your mom obtained her wedding ring can be called into question (alright a bit much here).
It is not easy tasks to accomplish and bring a mortgage to closing in a timely manner when CPAs are out of the country (why are they allowed to leave their desks I ask?!) and noone else has the documents or the sharp tongue to put into writing what an underwriter requires...yes, he can vouch for their first and second and perhaps third born, really.
Supplying all documents, paperwork, financials with a business is a must up front from any buyer with a business. No dragging of feet, hissing or moaning allowed. Just DO IT and I'm not even a Nike sponsor but feel like one. I can coach, remind and cheer the client on but I am not the 'doer' of documents for the mortgage underwriters. So they wouldn't give that buyer a wooden nickel? But a complete loan package ready to close is worth a lot more when everyone understands intently on requirements.
Please be aware all home buyers that it is not the same mortgage process of 10 years ago! The mortgage loan world has changed due to many changes and the mortgage underwriters are tough. Many realtors have never dealt with a newer business owner attempting to buy a home and do not understand the intense underwriting process with documents required.
You do want that perfect house?! It is just within reach so heed words all buyers who are new business owners trying to buy a home. It doesn't matter how much money you put down sometimes, the lender wants to make sure you can sustain your mortgage payments when you have a minimal track record of business success ownership. Know it is a tougher road to go on then it once was and be prepared. I do not want to be the only one at a closing. Wouldn't Give that Buyer a Wooden Nickel - Mortgage Loans.
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Ginny Lacey Gorman is a North Kingstown Realtor who works and knows the North Kingstown RI geographic area of homes for sale, schools, happenings, important tidbits of information and businesses well. Waterfront, water view, ocean front, luxury and coastal Rhode Island real estate are her specialty. If your considering Buying, Selling or Relocating to Rhode Island and need a real estate Professional it would be my pleasure to help you! When you are in need of an internet savvy RI realtor® who sells homes in this real estate market, call Ginny today at 401.529.7849
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