Scenario: Borrower recently divorced. For over ten years, she’s managed the house and raised her children. She hasn’t worked outside the home since her children were born. Currently, her only income is alimony and child support.
The Divorce Agreement requires she buy out her ex-husband. Otherwise the house must be sold.
PROBLEM: She went to ‘her bank,’ thinking they knew her well, valued her business, and that they would take care of her. After all, she was on a first-name basis with her branch teller!
‘Her bank’ told her, “No Problem!” and assured her all would be fine. Over the next few months, she supplied paperwork…and then more paperwork…and then MORE paperwork…and then 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 to confirm the borrower could comfortably carry the house based on her budget, lifestyle, and the income she was receiving. Underwrote the loan to confirm she qualified based on current national underwriting guidelines, before she spent money on an appraisal. Submitted loan. Made sure the bank underwriters understood their own guidelines, as they pertained to my borrower. And kept her matrimonial attorney updated throughout the process.
Result: Mortgage Approved. Loan Closed. And a loyal client for life.
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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