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Today I wanted to speak to you about a conversation I had with one of my most trusted lending advisers. His name is Tom Furie and he works with Mortgage Master.
I spoke with him about some of the challenges that he is facing today, and he said it's the same challenge that he has been facing for the past 3 to 5 years. He said it's the expectation of the buyers and the amount of material they think they need to provide him and his underwriting staff to get the loan closed.
You should be prepared to provide much of the same information over and over again. The underwriters might call and ask for your bank statements again and again, but this is all a necessary part of the process. Things that are going to raise red flags for them are anything over $500 dollars deposited into your bank account that is not payroll justified. If you win money at the casino or if your parents write you a check, it has to be in your bank account for 60 days or more for your bank not to look at it. This has affected deals in the past, so be wary of this and be ready to justify these deposits.
Another thing to look out for in the mortgage process is timing. If you're a first time home buyer, then give yourself a little more time to track down documents and pull data. If you've been through the process before and just refinanced a few years ago, be aware that the bank will probably want that exact same information again. Even though you already gave them your tax returns from last year, they are going to need them again for a new deal.
This can be frustrating for people, but there is no way around it. Just have all the necessary forms ready, and you should be sailing smoothly along your way to buying a home.
If you need a good lender in the Newtown area, then please do not hesitate to contact me. Also, if you need any assistance finding real estate in Newtown to buy or sell, please reach out to me via phone or email. I am always willing to sit down with you and discuss your needs.
Thanks for tuning in!
