Even if all your ducks are in a row...
When you apply for your mortgage pre-approval, understand that it's just the beginning of the paperwork and the watching of your ongoing credit.
Once you find a home and write an accepted offer, that's when the mortgage approval process really gets in full swing. During the normal 3 - 4 weeks of having your credit, assets, debts and property appraisal reviewed, there will be times where your mortgage consultant will ask you for additional documentation.
You may be thinking to yourself or saying out loud, "Why didn't they ask for this earlier?" or "Why do they need this document?"
You need to understand that since the mortgage industry has turned 180 degrees on its head, many changes have been implemented and they continue to happen on a daily basis.
What an underwriter didn't need yesterday, they now need today. (An underwriter is the person who reviews your entire loan file and approves or denies it....not your loan officer.)
There are other outside forces like the government, Fannie Mae, Freddie Mac, private mortgage insurance
companies and others, who are causing all of these changes. What paperwork your mortgage consultant may not have needed at the beginning of your mortgage pre-approval, they now are asking for...all because of the changing of the guidelines. They are double-checking and triple-checking credit and everyone is C.Y.A. themselves.
It's outside the control of your mortgage consultant, so please don't give them a hard time. This is just the
way the market is right now and for the foreseeable future.
You could have an 800+ credit score, make a great income and have lots of money in the bank....and you'd still be going through all of the same hoops today, just like everyone else.
Once you find a home and write an accepted offer, that's when the mortgage approval process really gets in full swing. During the normal 3 - 4 weeks of having your credit, assets, debts and property appraisal reviewed, there will be times where your mortgage consultant will ask you for additional documentation.
You may be thinking to yourself or saying out loud, "Why didn't they ask for this earlier?" or "Why do they need this document?"
You need to understand that since the mortgage industry has turned 180 degrees on its head, many changes have been implemented and they continue to happen on a daily basis.
What an underwriter didn't need yesterday, they now need today. (An underwriter is the person who reviews your entire loan file and approves or denies it....not your loan officer.)
There are other outside forces like the government, Fannie Mae, Freddie Mac, private mortgage insurance
companies and others, who are causing all of these changes. What paperwork your mortgage consultant may not have needed at the beginning of your mortgage pre-approval, they now are asking for...all because of the changing of the guidelines. They are double-checking and triple-checking credit and everyone is C.Y.A. themselves.
It's outside the control of your mortgage consultant, so please don't give them a hard time. This is just the
way the market is right now and for the foreseeable future.
You could have an 800+ credit score, make a great income and have lots of money in the bank....and you'd still be going through all of the same hoops today, just like everyone else.
At your service,
Dan
Are you ready to find your dream home? Contact me for a Free Consultation: (513) 615-1890 or dan@danweis.com
posted by Dan Weis at
4:01 PM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home