“Why is this so much work, I don’t ever remember a loan taking this long or being so hard?” “Why do I feel like a criminal, what does the Underwriter think I’m hiding?”
These are just some of the complaints my best and longest clients have expressed to me about their most recent mortgage experience. And guess what? They’re right, it’s just flat out tougher to get a loan today than it was two years ago.
In nearly ten years that I’ve been in this industry, the mortgage process has become infinitely more complicated, regulated and difficult. We are dealing with less loan options, more regulations, much tougher appraisal rules and strict underwriting guidelines that seem to change daily. Today even the best quality loans are being scrutinized, reviewed and occasionally experience delays in underwriting and closing. It has never been so important for you to work with an expert in the field!
Why, you ask? Well our industry has been turned upside down, it’s taken mammoth losses on bad loans and today the industry is trying to find the correct balance. But balance for an industry as big, complicated and regulated as ours is tough to find. So sometimes underwriters are too tough on one borrower and not tough enough on another, it’s all part of our industry finding balance again.
Don’t take it personally! Chances are if you buy or refinance in the next couple years, at some point during the loan process you will be asked for some additional documentation, explanation or the appraiser will have to go back to work to justify the property value. This is NORMAL in today’s market, it’s just par for the course. Getting a mortgage today is just going to be a little more work than it was before the meltdown.
HERE’S THE GOOD NEWS. You’ve chosen a team that is absolutely dedicated to getting you through the process on time and with as little stress as possible. We dedicate a huge amount of time and energy to create systems that prevent you from having any major problems. We will get you through this safe and sound; just don’t panic if there’s a little turbulence along the way.
AND HERE’S SOME MORE GOOD NEWS. When you’re done, you will have bought a home at the bottom of this real estate cycle and will enjoy a TON of appreciation over the next 7 to 10 years. You’ve had the courage to buy when others are afraid to enter the market, you beat the crowd back to the game and you will be rewarded handsomely for your courage and efforts. Oh yeah and you’re going to get a 30 year fixed interest rate at the lowest they’ve been for about 100 years.
So is it more work, stress and effort? ABSOLUTELY, but isn’t anything that is truly awesome to accomplish more work than the things that are easy? Isn’t that the way life works? If it were easy, everyone would be doing it and then the payoff would not be nearly as great. So I say go for it, jut know it’s going to be a bit of a challenge, but well worth it in the end.
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