Atlanta Buckhead Midtown - Mortgage Matters 1 - What Can Go Wrong?

Real Estate Broker/Owner with Atlanta Homes ODAT Realty Call/Text 404-939-2727 Buckhead - Midtown - Westside -- and more ...

Atlanta Buckhead Midtown
- Mortgage Matters - 1
What Can Go Wrong?




In Atlanta Buckhead Midtown or the Westside, what the Buyer wants is the hand of the Mortgage professional outstretched with the right amount of money ready for a purchase.

To achieve that goal, the Buyer must -- and that means MUST -- submit the documents promptly when requested and as requested. 

What can go wrong during document submission?

Incomplete paperwork. Ask George Souto , Mortgage Professional from Connecticut, how document submission errors cause delays in approvals. He has written many posts about this situation - try reading one via this link.

When you ask George, he will cite bank statements submitted either in the wrong formats or missing pages. No, one may not print out a screen shot from the online statement. Yes, if the bank statement has all data on pages one, two and three and page four is marked "Intentionally left blank." that page still MUST be submitted to the Mortgage Lender.


Missing document submission deadlines. 

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi comes from a different area yet he too stresses document preparation. Every Mortgage Professional needs the documents submitted when requested. There are specific deadlines for the process. Within a specified number of days, your Mortgage Professional MUST reply to you. If you haven't finished submitting your documents, the process must begin again.


Forgotten old debts - large, small or even tiny. 

John Meussner posted about paying off debts when people know which ones they still have hanging around. Sometimes, howeveer, there are debts one has "forgotten" over the years. Remember about ten years ago, your close friend asked you to put his cell phone on your account? You agreed. A year or so later, leaving his phone active, with his promise to pay on time monthly, you switched companies. Unfortunately, he never finished paying that last $36 left on the old bill. Be assured, it will show up during Mortgage Readiness research.


 Lack of understanding when comparing mortgage details.

Always ask about other additional charges when comparing Mortgages. That low interest rate within a rapidly obtained Mortgage letter from the Internet may not actually be beneficial for any one looking to buy a home.

Is the seeming low interest rate based on a large payment up-front called "points"? Rob Spinosa, Mortgage Professional from California, explains how paying points may allow a Buyer to lower a monthly payment. How did those Mortgage Points effect the amount of Loan Payment one pays every month?  Rob Spinosa also explains Closing Costs in a clear and through manner. 

Mortgage Matters for purchases include focus on documentation. Be assured, however, even if one is paying cash, requirements still exist. But that's another post... 

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Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

The devil and the mortgage approval/closing IS in the details.

Sep 22, 2019 02:38 AM #1
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning Lynn B. Friedman nice way to highlight several of AR's mortgage members.... and there's no group better to explain the details of obtaining a mortgage....

Sep 22, 2019 02:49 AM #2
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Lynn. Do what you are asked or trouble will likely follow! Enjoy your day!

Sep 22, 2019 05:02 AM #3
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Lynn I am going to resist going into detail on this one, because this comment would read like War & Peace if I did.  You did a great job of highlighting some of the major ones.

Sep 22, 2019 03:40 PM #4
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