Why You Need Me in 2011!

"Lenders are still dealing with the effects of the boom-gone-bust and are forcing prospective borrowers to go to extraordinary lengths to prove their creditworthiness".  NY Times, Aug, 15, 2011

It's true!  It's much harder to qualify (and prove you are qualified!) for a mortgage these days.   Banks have become ridiculously selective over who they will lend money to.  Lenders must sell most of their loans to  Fannie Mae or Freddie Mac right now, which is the only "secondary market" that exists for conforming loans.  True jumbo loans (over $625,500) have their own sticky rules and may require better credit scores or higher down payments. 

All lenders have tightened their guidelines, and documentation requirements are intensive --  obtaining a mortgage can be challenging, even though there is plenty of money out there to be lent.   

These days, if you deal directly with a Bank, it's pretty much impossible for you to know that you have a solid commitment  until the day your loan closes.  The largest Banks have become idiotically selective not only about their borrowers, but also about the condition of the properties they will lend on. 

As you have probably heard, paperwork demands can seem endless, up to the very last minute.  More than ever, it's hard for today's home buyer not to feel personally violated by the time the transaction closes!  

That's why you need an savvy and experienced advisor like me to help you navigate the home purchase and financing process. I cannot cut down on the paperwork requirements -- no one can do that -- but I will do my best to anticipate the lender's requirements upfront, and will ask you for 98% of the paperwork at the beginning of the process.  I will also help you write any required explanation letters and review any financial statements before we send them to the lender.   This will greatly increase your odds of receiving your loan on the most favorable terms.  

My goal, always, is to highlight your strengths and downplay your weaknesses, and to make your real estate agent aware of all potential lending "pitfalls" with regard to the property you are buying.        

As a Senior Mortgage Advisor with almost 20 years of lending experience,  I do not work for a Bank, but I have dealt with dozens of Bank underwriters over the years, and I understand their mindset as well as the paranoia that Fannie and Freddie are creating right now.

As the liaison between you and the Bank, and I will not submit your loan unless I know it will be approved.  Our underwriters scrutinize your file before we submit it to the lender.  If we detect any potential problems, we will let you know.  We will either help you fix the problem or we will tell you honestly that your loan is not approvable and make suggestions of how to position yourself for future success.     

Whether you are thinking about purchasing your first home, moving up to a new home, buying a tenants in common property, multiple units or a second home, I can help.

I offer the following services at no charge in an in-person meeting in my office.  I will help you:

o    Analyze whether it's smarter for you to rent or buy 

o    Help you budget for your new home purchase

o    Obtain loan pre-approval after identifying your optimal price range

o    Run scenarios with different down payments and price points to optimize your purchasing power.

o    Decide whether you should choose a conventional or government loan

o    Provider "insider" tips so you don't sabotage your loan 

o    Advise which combination of rates and points will save you the most money over time

o    Provide a time line of the home purchase and financing process so you will know what to expect next

I look forward to meeting you and working with you.

Cheers!

Natasha