If you are going to plan on purchasing a home or refinancing a home this year then knowing the 2017 Mortgage Lender Search is a perfect tool for you to ensure you find yourself a quality lender in today’s landscape full of lenders. There is nothing worse than being talked into using a lender that is going to end up hurting your chances of closing a loan. You can go from lender to lender looking for the best rates, but this does not ensure you are working with a quality mortgage lender. The process from thinking on getting a loan to closing the loan for your home is a very complex process that is not without stress. However, if you have the proper mortgage lender, they will do a good job at limiting stress and making your road to closing that much easier for you.
If there is one thing that can stress a borrower out beyond belief and possibly cost them time and money is a last minute mortgage denial after already being a pre-approved borrower. Now this is exactly why the 2017 Mortgage Lender Search is so important to be taken seriously when going through such an important transaction. The main reason I have witnessed for last minute denials is the fact the loan originator did a sub-par job of getting a pre-approval completed. Here at Loan Consultants we go above and beyond to make sure we take an in-depth look at your file, income, tax returns, etc to ensure we can give a 100% solid pre-approval and you will not be presented with this situation. As a borrower, this is definitely not your fault, as the loan originator could have misunderstood or just not known the lender overlays that the mortgage lender had in place. Another horrible misconception out there that is affecting the quality loan originators is that they do not communicate in a timely manner. If there is anything that we believe in, it is being over-communicative and making sure the borrower is always 100% in the know every step along the way. What I find is that when a deal has a hiccup or a question that comes up, loan originators are either scared or don’t want the conflict with the borrower. You have to think that this is the borrower’s livelihood at stake and this is probably the biggest transaction they will ever complete. If you properly utilize the 2017 Mortgage Lender Search you can make sure you do not have a denial after receiving a pre-approval.
As mentioned in the previous paragraph, the 2017 Mortgage Lender Search is also contingent on knowing the proposed mortgage lender’s overlays that they have for all their different loan programs. Just because you know the minimum guidelines for the FHA, Fannie Mae, Freddie Mac, VA, and USDA loans doesn’t mean you will qualify with every lender. For example you could be an individual looking for a VA loan with a 580 FICO score and under normal circumstances you would have no problem obtaining a mortgage since there isn’t a credit score requirement for VA Loans. However, you will see lender overlays at most companies that will require either a 620 or even a 640 FICO score. If you are curious about what types of lender overlays you can run into, you will see the following:
– Minimum Credit Scores: As shown in the example earlier, all loan programs have a minimum FICO credit score they will use to qualify you for a loan program, however, very few lenders actually lend to those standards since there is more risk involved with lower credit scores. When you do your 2017 Mortgage Lender Search, you need to see the product details for loans to make sure an FHA 3.5% down payment loan can actually be had with a 580 FICO.
– Gift Funds: FHA allows for 100% of the down payment and/or closing costs to be paid for with gifted funds from a family member. However, there are a lot of lenders who will refuse to lend to people with 100% gifted funds unless they have a 640 FICO credit score. This may not be fair, but it is the lender’s right to lend to their desired risk potential.
– Credit Tradelines: We have seen examples where some lenders require that a borrower have 3 credit tradelines in order to obtain an FHA Loan with a sub-620 FICO score. This is definitely a lender overlay as the FHA Guidelines do not require three tradelines in order to do a loan for a borrower with sub-620 credit scores.
As you can see with these 3 examples, there are a lot of ways for a lender to have an excuse not to lend to a person with a specific credit history.
With the 2017 Mortgage Lender Search the two biggest complaints and most important items to deal with is the communication you have with your lender and the accessibility of the loan officer. If you are a new borrower to Loan Consultants, let me guarantee you that if we do not answer your call initially, we will get back in touch with you in 30 minutes or less. We realize that in today’s internet world, time is of the essence, and we don’t expect you to wait for us. We always want to return calls immediately and work on your file and get your loan started. Once we have your loan and are getting started, we will ensure that we know your schedule and are available when you are and not the other way around. If you work during the day and can’t talk, we will make sure that we call you after business hours whenever you deem necessary. This is a key quality in the 2017 Mortgage Lender Search and that is having a lender that will work around your schedule. There is nothing worse than dealing with a loan officer who thinks this is only a 9-5 job. At Loan Consultants we work day, night, weekends, and even holidays. We know your time is valuable and want to make use of it when you are available.
As you can see it is important you do your due diligence when embarking on the 2017 Mortgage Lender Search. This is the most important purchase of your life and it shouldn’t be any tougher than necessary. We will make sure we make this a pleasant experience for you. Please call us today to get started at 888-900-1020 or email us at firstname.lastname@example.org. As mentioned earlier, we work days, nights, weekends, and holidays in order to offer our service to every and all potential borrowers.
Gustan Cho Associates
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