Obtaining a Mortgage...Is It Just Too Much Work?

According to a survey recently published and reported on by the Wall Street Journal (link at bottom of post), obtaining a mortgage is considered the most difficult part of purchasing a home. 

As someone who works day in and out with lenders, buyers and sellers trying to navigate the home-buying process, I can certainly vouch for that sentiment.  Not only do home buyers have to dredge up tons of paperwork that they may have never laid hands on (tax returns, paper pay stubs, divorce or separation agreements, child support documentation, etc.) but they are also asked to find other obscure items or conduct tests on the home being purchased at the last minute.  This would seem to be an issue for the individual mortgage brokers to know what items are needed for a particular loan or buyer, but with guidelines changing and new regulations being handed down from Fannie and Freddie on sometimes a WEEKLY basis, the gauntlet to obtain financing may seem downright impossible.

For example, the basic requirements to submit for a loan are certainly ones that  you can see as necessary in order to verify income, employment, assets, and the like.  There should not be any issue with a buyer being able to produce their last two year tax returns or bank statements.  However, some buyers, since this is not an everyday process, are confused as to where these documents are found and with the advent of online banking and tax filing, paper copies are becoming less the norm.  This is a great example of how critical it is to have an experienced local lender with a trusted company to guide you through the process.  Even the best of these folks are going to be blind-sided every now and then by something like a road maintenance agreement that was never recorded or a separation paper that was never filed or notarized, but these folks keep their cool, keep everyone informed and keep the loan trucking to a successful close.

Lending is changing everyday and it is up to an experienced team of lenders and agents who are up to date on the climate of the market to guide buyers through the challenges.  Please call Brooke Cashion and Associates for a list of lenders that we recommend because they are market relevant, professional and can close the transaction.  Remember..."When Details Matter....Experience Counts!"

http://blogs.wsj.com/developments/2011/02/08/survey-mortgage-process-has-become-too-confusing/