Scenario: First time buyer purchasing a condo. 20% down payment. Good Income. Good Credit. An all-around strong buyer.
PROBLEM: He spoke to ‘his bank’ and was told, “No Problem!”…then was denied. He then spoke to a lender recommended by the real estate agent. “Piece of cake!” they said…then he was denied.
Diagnosis: This current lending environment requires the knowledge, skills, and tenacity, of a seasoned, mortgage professional with a proven track record. Ordinary loan officers can’t cut it as they don’t understand the intricacies of the underwriting guidelines. The “name brand” lenders may sound wonderful with their multi-million dollar ad campaigns; but they don’t deliver.
Solution: Performed a complete financial analysis and underwriting to confirm the qualifications of the borrower as well as the condominium project. Discovered the condominium had issues that disqualified the development from meeting Fannie Mae and Freddie Mac guidelines. Structured the loan so that the lender could approve the community with only a limited review and without having to delve into all of the typically required condominium documents. Submitted loan. Ensured the underwriter understood the lender’s own guidelines as they pertained to my borrower. And kept the realtors and attorneys informed throughout the process.
Result: Borrower Approved. Condo Approved. Mortgage Approved. And a rapidly Closed Loan.
BOTTOM LINE: The “Big Box Banks” are screwing up left and right, as realtors and attorneys will attest. The days of “mortgage salesmen” are over. Only entrust your time, money, and mortgage to a seasoned, professional, and Certified Mortgage Planning Specialist® with a proven track record.
Warren Goldberg is President of Mortgage Wealth Advisors, a Certified Mortgage Planning Specialist®, and a published author. His interviews include Blog-Talk Radio, Newsday, The Daily News, Anton Press, and the Long Island Herald. Since 1992, he’s been sharing his financial knowledge and wealth-building strategies, including how to properly use your mortgage as a financial tool. His clients regularly express their trust and appreciation by recommending friends and family call when in need of mortgage, real estate, and financial guidance.
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