What to Expect in 2011

The financial crisis we all find ourselves in has significantly impacted the lending environment.  No doubt you have heard stories about how tough it is to get a loan.

Much of what you have heard is true, but there are also many misconceptions.

You need to work with someone who knows how to navigate the lending landscape.  I do.

 You need to work with someone who works for a "Direct Lender."  I do.

 What does that mean?

 It means that the Loan Processor, the Underwriter, the Doc Department, and the Funding Department all work for the same company - often right next to each other.

We can move fast, and get questions answered in minutes versus days with many other lenders and mortgage brokers.

The one thing to keep in mind is that as a result of the economic environment we find ourselves in, mortgage rates are the lowest in history, and this is a golden opportunity to take advantage of that.

Here's what you can expect: 

If there have been any Inquiries on your Credit Report, you will be asked to sign a short letter which explains the Inquiry.

You will always be asked to keep pay stubs and bank statements current.

The quicker you can respond to any questions from me or the Underwriter, the better.

The quicker you can get the Appraisal going, the better.

If you are Resubordinating an existing Home Equity Line of Credit (HELOC), then that will add up to 30 days in the process, and cost you an extra $125 - $250 which is paid to your existing Lender.  We must do the appraisal first, so these loans take longer.

This is not an exhaustive list - but just keep in mind - these days the paperwork must be perfect, so please take this seriously and do what you are asked.

It is the price everyone must pay for what occurred over the past few years.

Loans are closing every day.  Those borrowers who cooperate get their loan closed faster - and enjoy the lower rates that much sooner.