How hard it is to pre-qualify or pre-approve a borrower now than it was 2 years ago? Some would say much harder. I would agree and disagree. Here is why.... Let's put aside the appraisal issues, the mortgage insurance issues, credit scores, and several other factors, because those would be some of the main reasons why it is harder to approve someone. I just wanted to dwell on the basics that so many seem to forget or overlook. I bring this up because Lenn Harley wrote a blog last week, Qualifying borrowers is not rocket science, which has received … (27 comments)
Are you seriously shopping for a house? It doesn't matter if you have done this before or even if you are a first time homebuyer. If you have bought before, don't think it's the same way as once before. The market changes every day. Mortgage programs can change at the blink of an eye. First time home buyers, just because your friend or family member had an easy time when they bought their house doesn't mean that it could be as easy and or simple as their purchase. The number one rule of advice, try and get a referral of a … (14 comments)
So, after reading the tips on first time homebuyers from Part 1 through Part 3, you think it sounds pretty complicated. So much to focus on and so many things to remember. Not really. Remember, having trusted professionals surrounding you is half the battle. We'll take care of the rest, as long as you listen to us and follow our advice.
I have talked about needing the help of a loan officer. What you also need is the help of a trusted Real Estate agent. Again, asking for a referral from friends and family is a great place to start. You … (11 comments)
prequalification: Are you really approved for that mortgage? -- FHA
- 04/24/07 08:42 AM
Consumer - "I have been approved for that mortgage." Me (loan officer) - "How do you know this for sure?" Consumer - "Because I was told by the loan officer that they ran it in their system and it came back with an approval." Me - "That sounds great. So did you show them all of your information, your pay stubs and bank statements?" Consumer - "No, they had my information from before." Me - "Okay, I am confused. They said that you are approved, but they didn't physically see any of your W-2's, pay stubs, or even your bank … (25 comments)
I just want to educate people about mortgages and the process.
In regards to lending, I am very creative, intuitive, honest, and one who communicates information, may it be good or bad. I am a loan officer that looks out for your best interest.
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