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16 Nov



Posted by: Tracy Luciani Price

WHY YOU CAN’T RELY ON A BANK MORTGAGE APPROVAL 1. PREAPPROVAL: Well it starts with the pre-approval you get from your bank. They tell you how much you can afford and you go out and buy a home only to get declined. Shocking? Embarassing? Yes both. But Why? Because the bank does not check your credit, your employment or income, so their so-called Preapproval is worthless. We see this all the time. 2. CREDIT: Do you know that after you have been approved for a mortgage for a house you bought that the bank does another check closer to closing? Yes and if you miss any payments on other credit items, you are toast, done like dinner. 3. CHANGING JOBS: If you change your job between the time you bought a home and close the purchase, the bank can cancel your mortgage and you are liable to the sellers. 4. BUYING A VEHICLE: Happens all the time. Bank approved purchasers get declined because they went out and bought a new car or truck. The bank declines them because they can no longer meet debt servicing requirements. 5. DOWN PAYMENT: The bank finds out you have borrowed your down payment. A big NO, NO and they pull their mortgage approval. Circumstances like these happen every single week of the year, probably daily across the country. A stream of people come to us throughout the year under great stress asking us to help them from losing the home of their dreams. The difference between going to the bank and coming to us is well, night and day. The banks want your business but only if you are pristine. The big problem is that it is easy to get a bank approval, but because they do not give you any professional advice whatsoever, to ensure you don’t do anything to mess things up, you are vulnerable to Murphy’s Law, which is, “Whatever can go wrong, will go wrong.” Those who choose us first are informed. They understand that such a big investment should be put in the hands of professionals who will give them the best advice and mortgage product/solutions. We are licensed specialists and mortgage professionals who care about you and want to make sure your home purchase runs smoothly. The banks sell multi products and simply do not have the expertise we do to better ensure and optimum solution. And we go to great lengths to educate your about the process, so that your expectations are realistic and there are no unpleasant surprises. For your next mortgage, isn’t it obvious who you should call?