I have been getting a lot of phone calls lately from Charlotte area real estate agents and salespeople. It seems that they have been seeing a lot of mortgage approvals getting denied! What in the world is going on?

One of the most common concerns has to do with big local banks, such as Bank of America and Wachovia. Because these are such big banks in Charlotte, many Realtors and sales people have just sent their clients to them. The problem is that large banks like Bank of America only offer Bank of America mortgage products. So when they make changes to their own mortgage loan products, it becomes a "yes or no" decision, not a "let's move it to another program" decision.

Check out the case in point: Surprise! Your Approval Denied.

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The Ed Nailor Mortgage Team with Residential Mortgage Center.
Charlotte's Preferred Mortgage Lender

Mortgage information for Carolina residents. Check out CarolinaMortgageConnection.com for more information, suggestions, advice and tips on getting the best mortgage in the Carolinas.

 
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2 Comments on Approval Revoked....

APR
12
2008
151,552 Points 3 Featured Posts Localism Sponsor Outside Blog Hit Router
here, too, since January, lenders are looking more closely to applications and they've raised the "good" credit score to have to be in the 700's.
10:28pm • #1
275,630 Points 3 Featured Posts Localism Sponsor Outside Blog
I have always thought, even in good times, that mortgage brokers do a more dependable job than large banks.
10:32pm • #2

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The articles, reviews and stories written and published on this website are simply the opinions of Ed Nailor. While Ed Nailor has professional experience as a mortgage loan officer, the information posted on this website should not be taken as personal counsel or an endorsement of anything. For mortgage related counsel or advice to be meaningful and effective, one must sit down one on one with a professional to discuss the particulars of their situation. Ed Nailor can not be held liable for any decisions you make as a result of what you might read or infer on this website. Proud supporter of the Right to Free Speech.



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