Recently I met with what seemed to be very well qualified home buyer in Woodbridge, VA. She and her husband are move up buyers from a condo to a single family home. They had been pre-approved for mortgage financing by two other lenders already. Once Mrs. J ratified a contract she was actually turned down for the mortgage by one of the lenders, ouch. Even with plus 700 credit scores, money down and stable employment...how can this be?
I went on to explain that it really depends on who you choose to represent you and why this could happen to even the most qualified buyer:
- First Lender- the credit union, offers great rates, but is very conservative about debt to income ratios and strictly following their loan guidelines. Of which they actually turned her down because her loan amount at time of contract exceeded the inital pre-approval
- Second Lender- the Big Name Banks could work out if you want, again, conservative guidelines and less personal service, such as communication by email only and only during banking hours.
- Third Lender- Yours truly, Woodbridge Mortgage Lender, of the three had the highest approval amount and closed the loan although her ratios were higher than the guideleine. She also appreciatd the abilty to get answers fast, even after (banking) hours.
"It really depends on who you choose to represent you!" If you are looking for a mortgage and the following are important, give me a call, 703-497-3936.
- Flexibility on debt to income ratios
- Open Communication (even after hours)
- Local Accountability (come to my office)
- Competitive Rates