Oct 27

Mortgage Helpful Hint #8

  You and Your Money are Both Needed at the Closing.   If everyone that is signing the note and mortgage live in the town where the closing is taking place then they need to attend the closing.  One of the most common questions asked by both buyers and sellers is how do I get …

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Oct 24

Mortgage Helpful Hint #7

Clear-to-Close The mortgage part of the transaction CAN NOT CLOSE until the underwriter has signed off on everything and changed the status from processing to Clear-to-Close! Here is How it Works Step 1.  Prequal Application. Step 2.  Flips to a real deal once a property is under contract and we have the support documents. Step …

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Oct 23

Mortgage Helpful Hint #6

Cash to Close  We have already covered in Helpful Hint #2 that EVERY PENNY used at the closing must be sourced (show where it comes from).  Be ready for this well in advance.   If you show up at closing with a check drawn off of an account we have not verified then we can not …

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Oct 17

Mortgage Helpful Hint #5

Do Not Change Jobs Okay this one sounds silly but it happens often enough I included it on the list.  Remember we are taking a snapshot of your position, your ENTIRE POSITION,  financial, employment, credit, etc.  ANYTHING that changes has the possibility of changing the picture.   Probationary periods on a new job can train wreck …

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Oct 16

Mortgage Helpful Hint #4

Stay Home During Mortgage Processing Last month I had 5 mortgage closings delayed because the buyer went out of town the week before the closing.  Four of them did not return until the day of the scheduled closing!! The underwriter is going to review everything right before the closing even if the loan was approved …

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Oct 14

Mortgage Secrets ASAP

Changes to the Mortgage Hub A very large percentage of home purchase transactions in our area fall apart during the escrow period and never close.  Often the problem is during the mortgage application process.  I am trying to help buyers and sellers prevent this from happening to their transaction. There are four main reasons for …

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Oct 04

Mortgage Helpful Hint #3

No New Debt! This mistake can cost $50,000 or get the loan declined!!! Read Carefully! Be very careful during the mortgage processing period.  Do not take on any new debt without first chatting with your loan officer.  And DO NOT CLOSE ANY ACCOUNTS, doing this can drop your credit score below the threshold or make …

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Oct 03

Mortgage Helpful Hint #2

Mortgage Application and Cash Deposits I would take cash in a brown paper bag, but the Feds won’t allow that in a real estate transaction involving a mortgage.  I want this to be as easy for you as possible so this Helpful Hint tries to unravel the mystery behind sourcing funds needed to close the …

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Oct 02

Mortgage Helpful Hint #1

Mortgage Pre-Approval Stage A Pre-Approval Letter is worthless if it isn’t backed up with the proper support documents! Making a mistake during this stage can be time consuming and very costly because home inspections, termite inspections and appraisals are expensive.  Take the time to gather all of the support documents needed to properly decision the …

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Sep 09

Mortgage Update – Sept 9 2012

Sorry, haven’t posted in a long time, been crushed at work.  Long days, even weekends in the office trying to get ahead of the game.  The local real estate market has improved a little but not as much as we would like to see.  However, last month we posted an all-time company funding record for …

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