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Is Your Mortgage Complicated? Don't Kill The Messenger!!

By Pamela Madore

Real Estate Agent with The Pamela Madore Group 573760

August 07, 2018 02:51 PM

Pamela Madore

Keller Williams Realty

Pamela Madore Mortgage

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Complicated Mortgage? That might be you. Please be nice to your Mortgage Broker.

I am doing a mortgage right now that the buyers could pay cash for about 6 of the price house we are buying. But the interest rates are low so they decided to get a mortgage instead. Sounds easy, right? Wrong.

These people have about 9 sets of tax returns for multiple business and rental properties and bank statements from an equal amount of accounts. Are you beginning to get the picture?

Everything has to match up. Payments out must match something. Income must come from somewhere. The better accountant you have the harder it is to match anything to anything!

Government loans have guidelines. Some are stricter than others. When their guidelines are a book too heavy for one person to carry, you can anticipate having to provide reams of paperwork and explanations.

So......when I ask you for the stupidest most personal and private thing---don't shoot the messenger. Remember that book that is too heavy to carry? Those stupid, personal, and private things are in there.

Pamela Madore Mortgage

I recall the days 10 or so years ago when if you could fog a mirror you could get a mortgage. Then we went to the exact opposite other extreme and you had to know how to build a mirror to get a mortgage.

Currently, we are somewhere in the middle. There are lots of new mortgages available for those that can't provide reams of paperwork or don't fit the "mold" in other ways. You have to usually pay a premium in a slightly higher interest rate or more down. The paperwork is usually lighter, though.

Pamela Madore Mortgage

Getting back to the subject matter at hand, when you apply for a government backed loan you can expect to be taking papers out of storage to provide. The more pieces to the puzzle, the more complicated.

Underwriter

My suggestion? Please tell me everything you can think of that could even remotely be a problem or just misunderstood at the very beginning. It shortens our time in process and sets the expectations.

I try to anticipate what an underwriter is going to ask for but I will admit that I have not read the Heavy Book so I can't always anticipate.

All I ask is that you have patience and DON'T KILL THE MESSENGER!!