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Showing posts from March 30, 2012

CURRENT MARKET CONDITIONS - GETTING YOUR NEXT MORTGAGE LOAN

Mark Greene at Forbes Magazine nailed it earlier this month in his article the perfect loan file, which really does capture the rigor with which lenders are scrutinizing every mortgage loan application these days. In my opinion, this should be mandatory reading for every buyer in the marketplace now.

Lenders demands for proper / acceptable supporting documentation can be pretty daunting.  I see many clients with qualifying income and credit scores being driven to tears by the excruciating process. In recent weeks more than a couple have simply quit. Some are using all cash to make their deals, avoiding the hassle altogether. Others are giving up their dreams of home ownership. If I never hear a loan originator ask for (or a client complain about) "just one more thing,"  I will be a happy man.

Certainly understandable that lenders are being very cautious while processing their loans applications. No one wants to see loan failures given the still-too-recent market collapse - p…