Avoiding hassles in getting mortgage

Guest 0.10 Dollars($)

How should I get prepared to avoid any hassles while qualifying for a mortgage loan as I require it without much time wastage?

blue · Posted: Fri Oct 21, 2005 4:05 pm Post subject: RE:

Hi Jeff,

It's good to see that you are thinking of a plan to qualify for a mortgage to avoid any trouble. Getting a mortgage has become very easy these days with the growing competition.

Most of the time you will find that process is quite simple and straightforward. You need to fill up your loan application, provide lenders with adequate proof of your income and assets as well as your debts, if any.

Generally if the lender gets satisfied with your debt-to-income ratio and credit history, then you get qualified for the loan at that instant.

But, though the process is that much simple, some preparations need to done at the borrower's end to avoid any delay in qualifying. Proper documentation is a thing which neither the borrower nor the lender can avoid. This is where many borrowers get delayed, since they are quite reluctant in maintaining documents.

Documents are required for every loan although the amount may vary for each loan. Some may require more documents than the other. Some low or no document loans are there where the lenders give relaxation in producing and verifying a document.

Mortgages with good and cheap rates do require full documents. The amounts of documents depend on the complicacy of your financial condition.

If you had a recent job change, you should always write to lender mentioning the situation for your job change and providing him with the assurance that you are not going to have any repayment problem with your new job.

If you are self employed then keep your Federal Tax Return document for the last two years ready as that is going to be asked by your lender then.

Try to maintain a good credit score to qualify easily.

Thus maintaining proper documents will get you qualified for a mortgage loan without posing much trouble. If you still have some difficulty, take your chance with an adjustable rate mortgage as lenders are generally not so rigid with ARM.

Hope you will benefit from this information.

Regards,
Blue

Samantha · Posted: Fri Oct 21, 2005 4:29 pm Post subject:

Hi Blue,

You have explained the things well. Certainly a lot of people face problems with mortgage qualification simply due to lack of proper documentation.

If all the documents are well maintained then the process is very simple most of the time.

God bless you.

Thanks,
Samantha

Guest 0.10 Dollars($)

How long will it take me to get a mortgage if all my docements are ready?

Samantha · Posted: Fri Oct 21, 2005 4:51 pm Post subject:

Hi,

If your documents are ready as per requirement, then it will take 20 to 60 days to get the mortgage depending upon the type of mortgage you want.

Generally delays are caused when a lender is unable to get the required documents in time from the borrower. If all the documents are ready then the process of qualification and approval will be much faster.

So, if your records are prepared then you may expect to get approved soon.

God bless you.

For MortgageFit,
Samantha

Cliff · Posted: Fri Oct 21, 2005 5:21 pm Post subject: RE:

Hi Jeff,

It's unfortunate that there are a lot Loan Officer's who just try to get the loans for their commissions. Make sure when shopping for a lender/broker that they are willing to work hard to get you a loan. Basically they should be looking out for your best interest. Make sure you have all your docs available ie..paystubs, w-2's, bankstatements..etc

There are some lenders that can do loans in 2-3 weeks. But normally it does take at least 30 days, that is on the average and of course that no issues arise.

Cliff and Sandra

info · Posted: Wed Nov 30, 2005 6:58 pm Post subject: Compare, Compare, Compare

Everytime I have seen a borrower in a rush to get a loan..they end up paying higher fees, rates...etc. If you are in a rush to refinance or get a loan. DO NOT tell the LO! Simply have all the paperwork ready and tell the LO that you would like close in 30 days. If they can not do it, that you will go somewhere else.

Getting a good deal on a loan requires time and a little work. You need to get multiple offers from different lenders, compare, and get each lender to compete for your loan. Don't be in a rush and don't sound to needy. Be firm and aggressive. Don't forget a 1/2 point difference on a $250 K Loan will amount to $30,000 over the course of the loan. Every point counts.

My site has a section that helps you get qoutes from qualifed lenders easily. It takes 60 seconds and can help you get the best rate.

"http://www.lendgo.com"

Furthermore, closing time really is dependant on LO and company structure. Some companies are better organized & have better relationships with lenders or are a direct lender that has a line at it's disposal. Furthmore, having a busy or lazy LO can really make thing hard especially if it's a small loan amount.

I have seen home loan center do a loan in 15 days. If you need to push it, they can and get something done faster. They are a pretty honest outfit.

And people whatever you do. GET A "GOOD FAITH ESTIMATE" it's require by law to get a written estimate from a lender!!! It lays out all the points of the loan, so if the LO is putting anything in your loan package that may be questionable...they are required to disclose it here; if the final loan does not conform to the estimate (at least somewhat closely), you can sue the living daylights out of them.

good luck &
happy loan hunting

[deactivated the link - As per forum rules. Thanks]
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