Tuesday, July 24, 2012

Ten Steps to How to Get a Great Mortgage Approved: Number 7 - Details Matter

Details Matter, says Los Angeles Mortgage Consultant Bill Rayman. This is the seventh of ten steps to getting a great mortgage approved.

Lenders granted loans during the go-go years between 1998 and 2007, often with little more documentation than the application.  Today, the pendulum has swung to the opposite side.  Everything is scrutinized.  To be certain that everything is accurate and true, every underwriter checks virtually every piece of information – work that is often double-checked by a 2nd underwriter. 

Examples of details they check include:
  • the source of any deposits made to a bank account
  • the reason behind each credit inquiry
  • other proof besides tax returns that a borrower is self-employed
  • every page of an asset statement even if it’s blank
When you use a mortgage broker to help you with your loan, you have someone who is your advocate.  Unlike a banker, it isn't my job to find reasons to turn you down, it is my job to find a way to get you a great mortgage, and get it closed.  Call 310-295-6213


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