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

By
Real Estate Agent with The Pamela Madore Group 573760

Pamela Madore

Keller Williams Realty
Pamela Madore Mortgage
#289635
 
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!!
Pamela Madore Mortgage
 
Call or text today for a pre-qualification.   806-290-1920
 
 
Pamela Madore
Keller Williams Realty, Realtor
Pamela Madore Mortgage, Mortgage Broker
3955 S. Soncy
Amarillo, TX 79119
806-290-1920
pamelamadoremortgage@gmail.com
 
Pamela Madore Mortgage
 
 
 
 
Posted by

 
 
Pamela Madore
 
Pamela Madore
The Pamela Madore Group 
Keller Williams RealtyAmarillo
3955 S. Soncy
Amarillo, TX 79119

806-290-1920 Cell
pammadore@kw.com 
http://pamelamadore.com
 
 
 
 
 
 
 
 

 

 

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Topic:
Home Buying
Location:
Texas Randall County Amarillo
Tags:
owner financing
pamela madore mortgage
mortgages in amarillo
complicated mortgages
unusual mortgage financing

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Pamela Madore

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